Chennai, January 6, 2006 – i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of technology solutions to the global financial services industry and Wipro Infotech, a leader in providing IT solutions and services, announce that they will implement core banking in The Lakshmi Vilas Bank (LVB). The bank has chosen FLEXCUBE®, the world’s number one selling core banking solution* as its core banking platform and has chosen Wipro Infotech as the systems integrator.
Lakshmi Vilas Bank’s selection reaffirms FLEXCUBE as the platform of choice for banks that aim to grow rapidly and offer highly differentiated product offerings. The deployment will allow the bank to offer its customers anywhere and internet banking. It will also substantially reduce the bank's cost of operations by improving the quality of management information it receives and its ability to act on it. For instance, FLEXCUBE will allow the bank's business analysts, with no programming skills, to design and roll out new products and services in a matter of weeks instead of the months it took earlier.
"With the Indian economy seeing unprecedented growth we see enormous potential for growth. We believe that we will be able to seize that opportunity because the implementation of FLEXCUBE will provide us the institutional agility that we require. With Wipro we have the assurance of flawless implementation and reliability," said R.M. Nayak, Chairman & CEO of LVB.
"Wipro is pleased to be associated with Lakshmi Vilas Bank in this critical initiative of Core Banking Implementation and Roll-out. I am sure that our services will enable Lakshmi Vilas Bank to serve their customers better," said Azim Premji, Chairman, Wipro.
Deepak Ghaisas, CEO-India Operations and CFO, i-flex solutions said, "We have a solid track record of equipping visionary banks with a competitive platform for rapid growth. FLEXCUBE will provide LVB the technology to propel its business forward by increasing customer satisfaction and enabling the bank to enter new business segments."
"We are extremely pleased to partner in Lakshmi Vilas Bank's initiatives in Core Banking Implementation and System Integration. Wipro will undertake infrastructure provisioning, branch infrastructure roll out and provide critical services including Disaster Recovery and Data Center management. We are committed to making this project a show case of Wipro Infotech's integration, quality and process capabilities," said K.S.Viswanathan, Chief Executive-India Geography, Wipro Infotech.
Wipro will implement and manage the bank’s infrastructure. The Bank’s data centre which comprises of critical core banking servers will be co-located at a Level 3 Data centre and also have a disaster recovery co-located site in another city. As the Bank rolls out the Core Banking software in branches in a phased manner, Wipro will provide the branch connectivity and required support services.