NEW YORK, Nov. 9, 2004. i-flex solutions (Reuters: IFLX.BO/IFLX.NS) and IBM today announced the availability of FLEXCUBEâ¢, â i-flexâs core banking suite on a J2EE architecture using IBM Software. As part of a global partnership agreement, IBM and i-flex will jointly market, sell and deliver FLEXCUBE for core banking.
FLEXCUBE is an interoperable and flexible core banking solution designed to easily interface with complex systems and enable banks to quickly respond to the changing business and regulatory environment. The new version, of FLEXCUBE for core banking runs on IBM's J2EE-based WebSphere integration and infrastructure software and DB2 Universal Database on IBMâs eServer. This move makes FLEXCUBE available on IBMâs open-standard platforms.
"Changing times and increasing customer demands require new dynamics and flexibility from core banking systems," said Don Free, Principal Analyst, Gartner. "The IBM and i-flex vision of core systems transformation meets industry requirements of a flexible, standardized system, providing the FLEXCUBE architecture running on DB2, and Websphere on IBM eServer. Banks that do not consider the flexibility required to move quickly in the market and the need for a client centric view will risk losing competitiveness before the end of the decade."
By leveraging J2EE to create a service-oriented architecture, FLEXCUBE for core banking enables banks to upgrade their core systems one portion at a time, eventually expanding to a whole system replacement. FLEXCUBE for core banking also offers advanced straight through processing facilities and sharply reduces the time needed to bring new products to market. Product managers, for instance, can launch new products without the need for additional programming support or application customization from the IT departments.
"Even though many financial institutions are still working with outdated core systems, CTOs have been reluctant to replace them due to the major technology integration and cost issues," said R. Ravisankar, Chief Executive Officer, International Operations, i-flex solutions. "Now, with FLEXCUBE for core banking, they can use a phased approach in upgrading those systems â replace one piece, become comfortable with it, and then replace another. This approach also enables banks to replace their systems over time as their budget permits, rather than making a large financial commitment up front," he added.
"Banks need technology systems that they can integrate quickly and start receiving benefits from immediately in todayâs highly competitive environment," said Mark Greene General Manager, Global Banking Industry, IBM. "The architecture of FLEXCUBE for core banking helps banks optimize their investments in IT applications, infrastructure, and operations; increase their speed of response to the changes in business and regulatory environments; manage their risk efficiently by offering an enterprise-wide view of information; and offer unmatched customer service."