FLEXCUBE named "Application of the Year" by The Banker, London. FLEXCUBE also selected as "Core Banking Solution of the Year" by one of banking industry's most respected publications

Mumbai, May 31, 2004: FLEXCUBE, the core banking solution from i-flex solutions, has won The Banker "Core Banking Solution of the Year" and "Application of the year" awards. The award is part of the "The Banker Technology Awards" instituted by The Banker; the leading UK based global banking publication from The Financial Times Group, London.

High scalability and flexibility, impressive sales in calendar year 2003, diverse capabilities and functionalities are the key factors that won the award for FLEXCUBE, according to the magazine. The magazine further commended FLEXCUBE’s ability to support multi-bank, multi-currency and multi-channel operations and capability to adapt to different banking standards and operating environments.

The magazine also mentions i-flex's investment of 90,000 man-days of effort - probably the highest in the world for a single enterprise application - in developing and enhancing FLEXCUBE. i-flex’s efforts towards making FLEXCUBE a truly contemporary solution, by adapting it to Linux and initiating development to move it to the Oracle 10g stack, have also been praised.

Commenting on the award, Rajesh Hukku, Chairman and Managing Director, i-flex solutions said, "I thank all the Customers of FLEXCUBE for their support that has helped us win this accolade. It is their acceptance that has made FLEXCUBE the world’s best-selling banking solution. This prestigious recognition from The Banker will inspire all of us at i-flex to work harder to help financial institutions reap the rewards from using a powerful contemporary technology product like FLEXCUBE."

He added, "All the members of i-flex team instrumental for the growth and success of the FLEXCUBE should be congratulated on this achievement."

Commenting on FLEXCUBE’s selection, Parveen Bansal, Technology Editor, The Banker, said, "FLEXCUBE was found to be the most scalable, flexible, and adaptable of all the core banking products we evaluated. A truly comprehensive and flexible product, with worldwide acceptance and committed development – FLEXCUBE was the clear choice for The Banker Application of the Year award."

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