Taiwan, April 19, 2005: Ta Chong Bank, Taiwan and i-flexÂ® solutions (Reuters: IFLX.BO/IFLX.NS) today signed an agreement to implement i-flexâs FLEXCUBEÂ® and Reveleusâ¢ software product suites at Ta Chong Bank. FLEXCUBE, i-flexâs flagship product and the worldâs largest selling banking solution*, will serve as Ta Chong Bankâs single back-office processing engine for its retail, corporate and investor services businesses. Reveleus, the business intelligence and analytical applications division of i-flex, will implement its Basel II Solution, Enterprise Financial Performance, Funds Transfer Pricing and Customer Relationship Management (CRM) Analytics at Ta Chong Bank.
i-flex solutions, which is the worldâs leading banking software product company, and operates in Asia-Pacific out if its Singapore-based subsidiary, i-flex solutions pte ltd, is making its entry into the Taiwanese banking industry with this win.
i-flex is looking at the Taiwan Banking and Financial Services Industry as a key growth market in the Asia Pacific Region. As banks in the region grow their businesses, i-flex, with its experience of having serviced over 525 customers in 110 countries, sees itself as a leading partner of choice for banks who wish to adopt global best practices in financial services technology.
Speaking at the signing ceremony, Chien-Ping Chen, CEO, Ta Chong Bank said, "In actively connecting with the global community and directly cooperating with i-flex solutions, Ta Chong Bank is taking a huge step forward in terms of its strength and stability. After implementation of the new system, Ta Chong Bank will combine the best-in-class information technology and financial consulting talents, and provide consumers with services that are highly effective, quality-oriented and innovative. Ta Chong Bank will become a multifaceted bank, which embodies professionalism and efficiency."
Speaking at the ceremony, Deepak Ghaisas, CEO and CFO, i-flex solutions said, "As a company focused on the Banking and Financial domain, we have unmatched global expertise along with a comprehensive line of solutions for financial institutions. Our products enable banks to meet the requirements of an increasing and demanding customer base, reduce operating costs and manage risk and compliance proactively. Ta Chong Bank provides a great opportunity to showcase our solutions in Taiwan, and we look forward to a successful implementation at Ta Chong Bank."
Speaking on the occasion, Chen, General Manager, Ta Chong Bank said, "Ta Chong Bankâs decision to implement i-flexâs FLEXCUBE and Reveleus product suites is an exciting moment for the bank. In order to provide a neutral approach, we engaged the global consulting firm AT Kearney to assist in the evaluation of solutions providers. We chose i-flexâs FLEXCUBE, as it was the most comprehensive solution, backed by a successful implementation track record, which minimizes implementation risks. i-flexâs Reveleus suite of business analytics will enable us to manage compliance and track business objectives effectively. The implementation of i-flexâs product suite will be done in a phased manner, and we will be completing the entire implementation over the next two years."
Commenting on the decision to implement i-flexâs product suite, Cheng-Lee Yang, Chief Operating Officer, Ta Chong Bank said, "The consolidation of various operational systems will reduce operational costs and time-to-market of various financial products. For the consumer, this signifies the availability of products that are better tailored to suit their needs, investment methods that are dynamic, convenient, high-quality, and comprehensive services that are available 24/7."
Ms. Yang, who is in-charge of the implementation also added, "The successful implementation of FLEXCUBE at Citibank, Shinsei Bank of Japan, DBS Singapore and International Monetary Fund is testimony to i-flexâs global leadership and capability in offering technology solutions to the financial services industry."