Oracle, a global developer of business software and hardware systems, has signed an agreement with UAE-based Central Bank to provide the latter with its Oracle Flexcube Universal banking solution.

Under the terms of the contract, Oracle’s banking platform is expected to enable UAE Central Bank to standardize its business processes, centralize banking operations as well as data on customer activity by eliminating the need for multiple applications and databases.

As a regulator, UAE’s Central Bank has also unveiled plans to extend the adoption of electronic payment systems across the UAE.