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i-flex solutions announces major deal with Banco de Chile. Win for retail core banking replacement in Latin American Market

NEW YORK, June 17, 2004. i-flex solutions (Reuters: IFLX.BO/IFLX.NS), a leading provider of information technology solutions to the global financial services industry, announced that after a rigorous evaluation process that included four of the top banking providers in the world, Banco de Chile has selected i-flex’s FLEXCUBE product suite to replace its legacy retail core banking system.

The FLEXCUBE product-based architecture will replace the Bank’s existing core system and allow them to run their various business lines on a single application platform, define new products on a template format and utilize common services across all FLEXCUBE modules. The i-flex team commenced the project on September 2003 and has completed the initial project ground work at the Bank, including study and analysis of the Bank’s requirements. The team will begin the next phase of the project to implement the core banking solution that covers a number of retail banking activities, ranging from General Ledger that offers multiple views of the information to support the Bank’s multiple reporting structures and functional modules including loans, current and savings accounts. The newly integrated system will allow the Bank to launch new products faster and more efficiently by eliminating previous requirements to make extensive code modifications to multiple fragmented systems.

"The Latin American financial services industry is an exciting market for i-flex," said R. Ravisankar, Chief Executive Officer, International Operations and Technology, i-flex solutions. "The region is one of the fastest growing financial services IT markets in the world. We are delighted that a premier bank from the region has decided to adopt our flagship offering for its mission critical operations."

"We recognized that in order to improve our time to market with new products and services for our customers we needed a state-of-the-art solution," said Pablo Granifo, Chief Executive Officer, Banco de Chile. "i-flex solutions is an industry leader, bringing their domain expertise to the table, as well as the FLEXCUBE product suite’s proven track record of successful large and complex implementations in bi-lingual environments."

Banco de Chile is the oldest bank in Chile and the largest financial institution of local capital. Headquartered in Santiago, Banco de Chile is a full-service commercial bank focused on providing the whole range of financial services to corporate and individual customers. The Bank delivers financial products and services through a nationwide network of 219 branches, 822 automated teller machines (ATMs) located throughout Chile as well as offers international banking services through its branch in New York, its agency in Miami, representative offices in Buenos Aires, Sao Paulo and Mexico City and a worldwide network of correspondent banks.