Industry leading banking solution replaces state's 25-year old legacy

WASHINGTON D.C. October 7, 2003 The North Carolina Department of State Treasurer has been selected to receive a Government Computer News (GCN) Agency Award for its deployment of a new, statewide banking system. The system used FLEXCUBE, the world's number one selling core banking software developed by i-flex solutions, as a component in a system to bring cost-effective banking services to all 750 North Carolina state agencies.

The award will be presented on October 29, by PostNewsweek Tech Media, a division of The Washington Post Company. PostNewsweek's award program recognizes government agencies that have demonstrated innovative IT accomplishments. In addition, a description of the innovative North Carolina program will be featured in the October 12 issue of Government Computer News along with the accomplishments of nine other award winners.

"Our team of judges was impressed by how the North Carolina Department of State Treasurer rethought its business and technology practices to come up with a new way of doing business. The new system saves time and expense for staff and for customers while improving service and processing efficiency. It's a technological and government service win," said Thomas R. Temin, senior vice president, editorial, at PostNewsweek Tech Media and executive editor of Government Computer News.

Under the leadership of State Treasurer Richard Moore, the department selected FLEXCUBE to provide all 750 North Carolina state agencies with online banking capabilities that are widely used by major commercial banks worldwide. The system was chosen for many reasons including its open architecture design, which enabled North Carolina to easily modernize and upgrade banking transactions throughout the state government system.

Prior to implementing FLEXCUBE, the North Carolina Department of State Treasurer was running an array of legacy subsystems ? some 25 years old, each operating independently. Manual processing and small PC-based subsystems proved inflexible, time-consuming and cumbersome for the state. And, because most of the technology had become antiquated, the treasurer's office lacked the skills and knowledge to maintain the system.

With FLEXCUBE, the treasurer's department was able to provide numerous operational improvements including real-time online banking capabilities for customers (eliminating timely mailings and data entry); quicker and more efficient transaction processing; and enhanced security features. The software platform also enabled the treasurer's support staff to refocus efforts on value added activities such as planning and maximizing the return on assets.

"FLEXCUBE's robust product suite coupled with i-flex's steadfast commitment to service has allowed the Department to enhance its interaction with agencies and institutions while significantly reducing its maintenance costs," said Richard Moore, North Carolina State Treasurer. "Everyone associated with this project should be proud of their contribution, and we thank PostNewsweek Tech Media for recognizing the success of North Carolina's efforts."

"This award confirms the powerful case for both public and commercial financial institutions, to transfer their legacy systems to modern core banking platforms," said Rajesh Hukku, chairman and managing director, i-flex solutions. "i-flex applauds the North Carolina treasurer's innovative spirit and foresight to modernize their systems on FLEXCUBE across the entire state."

Asa Fenton

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