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International Monetary Fund Selects i-flex solutions to Address Growing Technology Needs

FLEXCUBE to Provide Integrated Platform for IMF's Lending, Funding And Investment Needs

NEW YORK, October 15, 2002 - i-flex solutions, a leading global provider of
integrated IT solutions for the financial services industry, today announced
that the International Monetary Fund (IMF), an international organization of
184 member countries, has selected i-flex's flagship product FLEXCUBE to replace its legacy core banking application and operations infrastructure.
FLEXCUBE will enable the IMF to streamline operations in the areas of Lending, Deposits, Financial Accounting and Business Intelligence. Working with i-flex, the IMF has completed the Fit-Gap Analysis and is starting implementation with a target cutover date of May 2003. With the implementation of FLEXCUBE, a complete product suite of applications for financial services IT systems, IMF expects to achieve substantial improvements in service levels, efficiency and process streamlining.

After a rigorous evaluation of many vendors across the Globe, the IMF selected FLEXCUBE Corporate with Workflow, [email protected] Internet banking suite and FLEXCUBE Information Center, based on the products' competency to address IMF's business needs. i-flex solutions' proven international track record and ability to implement scalable and reliable solutions further reinforced IMF's decision to replace its legacy core banking system with FLEXCUBE.

FLEXCUBE's open architecture and ability to easily integrate with existing infrastructure and seamlessly add functionality will enable IMF to provide improved service levels to its member countries. In addition, the solutions' integrated Straight Through Processing (STP) capabilities for automating transactions will help streamline IMF's back office activities, which will directly lead to lower costs per transaction and improved reporting capabilities.

"IMF can now more readily accommodate new technology and country specific requirements as well as eliminate costs associated with manual processing and redundant systems. This will help IMF deliver an unparalleled service standard and offer its member countries easy access to all relevant financial information," said R. Ravisankar, CEO of i-flex solutions. "The signing of IMF, an authority to the world economy, in such a competitive bid, is a strong endorsement of i-flex's capabilities as a provider of systems and services for the global financial marketplace."

IMF is an international organization of 184 member countries established to
help promote the health of the world economy. Its main areas of activity
involve surveillance of economic and financial policies of members and
financial and technical assistance to meet the needs of an evolving world