OFSAA is abbreviation for “Oracle Financial Services Analytical Applications” and OFSAA is an applications which read data extracted from legacy sources and save results in the OFSAA results tables. Old OFSAA versions (named OFSA) had a series of Discoverer reports but these reports were not very userful so they were not generally used.
OLAP (online analytical processing): is computer processing that enables a user to easily and selectively extract and view data from different points of view.
For example, a user can request that data be analyzed to display a spreadsheet showing all of a company’s beach ball products sold in Florida in the month of July, compare revenue figures with those for the same products in September, and then see a comparison of other product sales in Florida in the same time period.