FLEXCUBE powered Client Level Asset Servicing (CLAS) System goes live at UBS Warburg, London

New Cash, Current Accounting and Payment System replaces legacy system for reduced operational costs and technology risks London, February 18, 2003. i-flex solutions today announced that UBS Warburg, a leading investment banking and securities firm has successfully implemented a Cash, Current Accounting and Payment System around FLEXCUBE, the leading banking applications suite. The new system called Client Level Asset Servicing (CLAS), replaces the existing legacy system called Branch Accounting System (BAS).

FLEXCUBE seamlessly integrated with existing operational infrastructure to create the CLAS modular layer that rationalizes and standardizes cash and current accounting at reduced operational costs. The next phase of the project is planned to cover similar rollouts for UBS Warburg’s businesses in other locations.

"The aim of the CLAS project is to achieve a smooth transition to a modern system for reduced operational costs and enhanced levels of straight through processing", explains, Gary Bullock, UBS Warburg’s Global Head of Operations.
Philip Freeborn, Deputy CIO, commented that "i-flex and FLEXCUBE have proved to be a good choice for UBSW; i-flex’s customer and results driven approach combined with FLEXCUBE’s capabilities have contributed to smooth and timely delivery of one of the large change programs within our organization. The robust CLAS infrastructure will ensure that we are able to service the anticipated rapid volume growths while also making available a platform for catalyzing global standardization."

"The successful implementation of CLAS proves the capability of FLEXCUBE to provide the investment banking industry with a robust accounting system with payment processing while reducing the total cost of ownership. This project demanded high integration, development and migration capabilities and the successful completion adds UBS Warburg to the list of leading global banking institutions like Citibank, Rabobank, Development Bank of Singapore who have implemented FLEXCUBE for enhanced profitability and competitive advantage", said R Ravisankar, CEO, International Operations and Technology, i-flex solutions.

The implementation and integration of FLEXCUBE, which included development of complex interfaces and enhancements to the processing and payments engine, was completed in an aggressive eighteen months schedule. The customized software based on the oracle database was delivered to schedule and quality and met UBSW’s stringent acceptance criteria. Customer accounts, balances, interest accruals and forward value transactions and payments have been successfully converted from BAS to CLAS.

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