FLEXCUBE now in 40 FIs in 27 countries

By Our Special Correspondent

BANGALORE, DEC. 1. i-flex Solutions Ltd, of Bangalore today announced that its universal banking solution FLEXCUBE had garnered a landmark of being installed in 50 financial institutions (FIs) in 27 countries across the world.

This was reached within three years of its launch in 1997, with the signing of an agreement with the Investment Development Bank of Malawi in Africa. The record amounted to signing one new customer every three weeks according to Mr. R.Ravisankar, CEO, International Operations and Technology.

"This achievement is a result of our continued efforts to develop our technological acumen and expand our marketing worldwide," he told presspersons. The success of Flexcube showed that Indian products and services could move up the value chain.

The user profile of the product was: 26 per cent in Europe, 34 per cent in Africa, Asia-Pacific 14 per cent and other regions 26 per cent. Nearly 30 per cent of installations were in corporate banks. FLEXCUBE was also making inroads into the highly competitive markets in the U.S., Europe and Japan. The company had a set up a subsidiary in Amsterdam. International Banking Systems of the U.K. had declared Flexcube as the second-largest- selling wholesale banking system in 1999.

He said FLEXCUBE was being deployed as an ASP model in partnership with the HDFC Bank, demonstrating the flexibility of the product. Overseas, it was deployed at the Perwira Affin Bank, Malaysia to enable the bank upgrade existing technology and to support multiple delivery channels in a round-the-clock mode. Since then the bank had been selected as by the Malaysian Government as one of the 10 nodal banks in that country.

In Japan, FLEXCUBE has been chosen by the Shinsei Bank to strengthen management information systems, improve operations and processes and reduce time-to-market for new products. It was considered to be the next-generation universal banking solution that automated all operations including corporate, retail, investment, treasury, mutual fund investor services and asset management. It also covered an integrated banking system and several delivery channels.

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