Bangalore, Nov 14: i-flex solutions, a leading provider of technology solutions to the global financial services industry, announced today that it has completed the rollout of FLEXCUBE®, its flagship banking product, in 67 countries within Citi's markets and banking division.
This ambitious implementation was the culmination of seven years of work. With the completion of the rollout, FLEXCUBE now supported Citi Markets and Banking's extensive, complex operations in the US, Europe, Africa, Asia-Pacific and Latin America, i-flex said in a release here.
With offices in countries, including the UK, Germany, Italy, Japan, Australia, Singapore and Hong Kong, FLEXCUBE technology would help the firm to manage DDA, loans, treasury, cash and liquidity management products.
Launched in 1997, FLEXCUBE was a multi-currency system capable of being deployed across multiple geographies while centralizing data processing at single or multiple hubs. FLEXCUBE also had the ability to talk to other applications designed for niche banking operations.
These capabilities in particular address the needs of large, tier-one banks, such as Citi, with operations in several countries, each of which often have a host of in-house systems built for specific requirements.
After careful evaluation of the market, Citi selected FLEXCUBE in 2000 to replace its older legacy banking system. i-flex commenced the FLEXCUBE implementation in 2000, with Finland being the first country to go live that year. During the next several years, Citi transformed its core banking platform for its markets and banking unit with our modern, flexible, scalable and future-proof platform.
In choosing FLEXCUBE, Citi has been able to preserve its investment in several hundred highly specific point solutions, the release added.