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Mantas and i-flex solutions partner to offer Anti-Money Laundering solutions globally

NEW YORK, April 1, 2004 - Mantas Inc. and i-flex solutions have signed an agreement to jointly offer Anti-Money Laundering (AML) solutions to financial institutions worldwide.

"When choosing a compliance solution, particularly AML, financial institutions need assurance that implementation and integration services are as sophisticated as the technology itself," said Simon Moss, CEO, Mantas. "i-flex has an established global presence and expertise in the financial services industry and we look forward to helping financial institutions fight financial crime together."

Under the terms of the agreement, i-flex and Mantas will jointly market AML as well as fraud detection, trading compliance and broker surveillance solutions to banks and other financial institutions globally. This partnership provides financial institutions a compelling total cost of ownership value-proposition, which combines ‘behavior detection’ technology from Mantas with consulting and implementation services from i-flex.

"AML initiatives rank high on our clients’ priorities and Mantas is undoubtedly an AML market leader" said R. Ravisankar, CEO International Operations and Technology, i-flex solutions. "This alliance is part of i-flex’ strategy to partner with best-of-breed solutions to provide a comprehensive offering that addresses the key priorities of financial institutions around the world".

i-flex is recognized for its financial services expertise in consulting and system integration, while Mantas is recognized as a leading provider of AML solutions with a sophisticated portfolio of fraud detection, broker surveillance and trading compliance offerings for financial institutions, all running on the Mantas Behavior Detection Platform. Waters Magazine has named Mantas and its Behavior Detection Platform as Best Compliance Solution in the 2003 Waters Editorial Awards.

With the utilization of i-flex’s flagship product suite, FLEXCUBE, the partnership will provide an end-to-end solution comprising core banking, compliance monitoring and implementation services. International Banking Systems (IBS-UK) has ranked FLEXCUBE the world’s number one selling banking solution for 2003, in its annual sales league table for the second consecutive year.