Hi Devine, I hope this is what you are talking about. Excerpt from 'Speaking In Unknown Tongues'
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http://bible-truths.com/tongues.htm--------------------------------------------------------------------------------------------------------------------------------------
THE GIFTS OF THE SPIRIT VERSES A MORE EXCELLENT WAY
In I Cor. 12 we read of two lists of "spiritual gifts" from God. And before listing them, Paul clearly tells us:
"But the manifestation of the Spirit is given to every man to profit withal" (Verse 7).
There must be a "profit" or "contribution to all" as the Greek bears out, from these gifts. As we will see conclusively proved from Scripture, speaking in a language is never ever to be a physical spectacle for self-aggrandizement of the flesh.
"For to one is given [not to ‘all’, but to certain ones only] by the Spirit the word of wisdom; to another the word of knowledge by the same Spirit; To another faith by the same Spirit; to another the gifts of healing by the same Spirit: To another the working of miracles; to another prophecy [inspired speaking]; to another discerning of spirits; to another divers kinds of tongues [languages]; to another the interpretation" (I Cor. 12:8-10).
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Prophecy from the Greek
G4394
προφητεία
prophēteia
prof-ay-ti'-ah
From G4396 (“prophecy”); prediction (scriptural or other): - prophecy, prophesying.
G4396
προφήτης
prophētēs
prof-ay'-tace
From a compound of G4253 and G5346; a foreteller (“prophet”); BY ANALOGY AN INSPIRED SPEAKER; by extension a poet: - prophet.
So yes, prophecy is still relevant, and does not always seem to mean "predictions". Someone who is inspired (caused) to speak by/from God can be very beneficial to us, especially encouragement, for the building up of the Church, the Body of Christ.
As far as what the babylonian church teaches concerning prophecies, it most likely is not true.
Hope this helps, if not, please be more specific with your question. It might help to read the above mentioned paper, if you have not already.
Peace, G.Driggs