New York, October 22, 2003: i-flex solutions (Reuters: IFLX.BO/IFLX.NS), a
leading provider of information technology solutions to the global
financial services industry, today announced that UFJ Bank, has selected
i-flex's flagship product FLEXCUBE to run its global banking operations.
FLEXCUBE will be deployed across 25 locations of the Bank and its
subsidiaries across 16 countries in Asia, Europe and the USA.
UFJ Bank is Japan's fourth largest bank with an asset size of 68.8 trillion
yen (US$ 517 billion), and ranked among the top 15 banks in the world. UFJ
Bank, the principal banking subsidiary of UFJ Holdings, was formed in
January 2002 by merging the former Sanwa Bank and Tokai Bank.
Kazumasa Iida, General Manager, Global Banking & Trading Division, of UFJ
Bank said "In our search for an effective solution to replace our current
Global System (the single most important system for all our products at our
overseas branches), and after careful comparison of different packages, we
chose the standard functions of FLEXCUBE that will replace more than 75% of
the Global System's functions. We expect that FLEXCUBE, with other
additional powerful functions will, in a short period of time, be
operational after customization and testing. We also recognized that the
core modules of FLEXCUBE are easy to use, effectively designed, and built
on the most advanced architecture, which will support the Bank's future
functional enhancements. "
Added Mr. Iida: "i-flex is providing us a most satisfactory level of
support in deploying and customizing the system. i-flex understands both
the concepts of "Customer First", which is UFJ Bank's philosophy, and
"Selecting and Concentrating", which is the fundamental policy of this project. We appreciate i-flex's passion for their own products, its
sincerity and timeliness on this project, as well as its high level of
"UFJ Bank is a strategic win for us and I am confident that this implementation of FLEXCUBE will significantly help the Bank realize its
goals and provide the dual flexibility to significantly lower transaction
costs and dramatically improve customer service levels. Japan is a key
strategic market for us and the UFJ Bank win clearly establishes our
position as a leading provider of IT solutions to the Japanese Banking and
Financial Services Sector," said Rajesh Hukku, Chairman and Managing
Director, i-flex solutions.
Internationally, FLEXCUBE has a proven track record of multi-country roll
outs for some of the largest banks in the world, including Citibank,
currently deploying FLEXCUBE in 100 countries, and the Development Bank of
Singapore (DBS), currently deploying FLEXCUBE at 13 locations.
i-flex is not new to the Japanese market and has successfully implemented
FLEXCUBE in two leading financial institutions in Japan ? Shinsei Bank and
Nikko Citi-Trust. i-flex regards Japan as a primary market for its products
and services and has been investing in market development resources
accordingly. Earlier in the year, i-flex opened its new branch office in
FLEXCUBE is a comprehensive, modular core banking solution that caters to
the needs of modern financial institutions. FLEXCUBE's versatility is clear
from the both the numbers and various types of banks and financial
institutions that have chosen the product including ? corporate, retail,
investment, central, offshore and multinational banks. FLEXCUBE has been
ranked as the world's No.1 selling Banking Solution in the world for 2002
by International Banking Systems (IBS), UK.