The OraBANK system offers unity between systems in all divisions and units of the financial institution, avoiding multiple data entry. The product reduces the possibility of inaccuracies, miscalculations and erroneous accounting transactions through a standardized operational and accounting methodology created by the Bank’s management that users are compelled to follow.
The OraBANK system, regardless of the modular construction principle, is an integrated system. The integrated principle is implemented with common procedures for all modules: service procedures (start and end of day, archiving, currency revaluation, etc.), common parameters (exchange rates, interest rates, etc.) and common data registers into which data from the modules are integrated.
The OraBANK system includes both modules for the automation of core banking activities and modules and technologies usually associated with ERP systems, such as Long-term Assets, Inventories, Invoicing and VAT reporting, Human Resources Management, etc.
Option for continuous 24/7 operation
The OraBANK system provides continuous operation capability as all procedures related to the management of the system (interest accrual, maturity, repricing, general interest, etc.) can be performed during the normal operation of the system without requiring an exclusive mode of operation.
The OraBANK system allows any user to work with an application in which all menus, screen forms, system messages and printed forms are in a specified language. The data entered into the system is in the same language in which it has been entered with the corresponding code table. Bulgarian shall be used as the basis for translation, with all screens and messages translated initially into English and from there into any other language.
The OraBANK system includes a well-developed Internet banking module, which offers a wide range of services to the bank's customers - not only related to account information and payments from them, but also the ability to open/close deposit and current accounts, manage bank cards, trade in foreign currency, request loans and many other activities.
The security of the module is at the highest level as different options are possible to ensure the security of operations (different certificates, TAN by SMS, two and three–factor tokens, etc.).
The OraBANK system provides for the possibility to introduce such an organization of work in the bank that the operational staff (front office) is mainly engaged in the sale of products (deposit, credit, combined, etc.), without the need to have in-depth accounting knowledge, since the entire post-sale process is fully automated and in accordance with a predefined methodology.
The OraBANK system provides the means to define product as well as service packages, including the possibility to pre-purchase service packages on more advantageous terms, e.g. fees for a certain number of transactions, etc.
Management of graphical information
The OraBANK system provides the ability to store graphical information (photos, scanned documents, etc.) in the same database as other information, as well as to enter, display and verify graphical information in the same client application.
The OraBANK system provides the ability to pre-define a mandatory sequence of actions for the relevant staff that the system monitors and does not allow to be violated, e.g. a withdrawal from an account cannot be registered if the customer's signature specimen has not been previously reviewed.
Postponed execution of requests
The OraBANK system provides facilities for postponed execution of requests. This capability is most commonly used for the preparation of large and database server-heavy report forms, where the user can order their preparation at the end of the business day and have them directly prepared the next morning.
Flexible reporting organisation
The OraBANK system provides the possibility to choose one of the following models of hierarchical organization of work - divisions with separate Banking Addressable Units (BAUs), divisions with one BAU and separate closed trial balances, divisions with one BAU and open trial balances (no internal payable/receivable accounts), one division with one BAU and one trial balance. It is possible to switch from one form of accounting to another without having to change the customer account number (IBAN). Parallel to the hierarchical structure, additional cost centres are foreseen which can introduce parallel reporting according to other criteria.
The OraBANK system has a mechanism for notifying a specified group of persons (employees, customers, managers) of upcoming or already occurred events via SMS and/or e-mail.
Full log information
The logical architecture of the OraBANK system, built on the basis of input/output queues, not only significantly reduces the hardware requirements, but also provides a natural mechanism by which every action or operation allowed to the user is recorded in a complete log of the requests sent to the system, which can be easily monitored preventively or subsequently. A similar log is maintained for responses to queries sent, including information extracted from the database when a request is made to produce a report form.
The internal organization of data in OraBANK is based on an electronic document system in which all information records (customers, current accounts, loans, cards, fixed assets, documentary transactions, etc.) are presented as a set of electronic records valid at a certain point in time. All changes to them are stored in parallel in the form of electronic annexes, together with supporting information on the date, time and operator who made the change.
This mechanism allows authorised persons to analyse all the data at a certain previous point in time, as they were at that time.
The logical architecture of the OraBANK system, created by input/output queues and parallel/sequential processing of queries within them, dramatically reduces the requirements on the database server parameters, since the number of connections to the database is fixed in advance and the OraBANK Communication Server performs the function of a multiplexing device. In the conventional approach, each user opens more than one connection to the database and the requirements on the server parameters increase accordingly.
Minimum requirements for communication channels
The Thick client logical architecture ensures minimal information traffic over communication channels without overhead. In practice, only the essential information for each screen form flows through the communication channel, with no data related to the graphical representation of the screen form itself.
Preservation of investments
The OraBANK system is built on popular and widely available platforms supported by a large number of hardware manufacturers, and as data volumes and the number of users grow, without having to replace the information system, simply by replacing one or another hardware component ensures that the OraBANK system can meet increased demands. If there is a need to increase the performance of the system, and subject to a detailed workload analysis, the following development options are possible: (a) Increase the performance of the RDBMS Oracle server by using, depending on the workload, more powerful and/or multiprocessor hardware platforms; (b) Increase the performance of the OraBANK Communication Server by using, depending on the workload, multiple servers to process user requests. The availability of a significant number of options to enhance the performance of an OraBANK system allows the Bank's IT team the flexibility to scale the chosen solution.