Cooperative Credit Systems – SICREDI, Brazil’s Largest Private Cooperative Systems Selects i-flex solutions to Modernize its Legacy Systems

FLEXCUBE universal banking solution and Reveleus Business Analytics to be rolled out across 126 affiliate credit unions (with over 855 agencies)

Mumbai, June 15, 2005: i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), announced today that the largest Cooperative Credit System in Brazil, SICREDI, has selected FLEXCUBE® and Reveleus™ as a key part of its business and technology transformation program.

SICREDI’s adoption of FLEXCUBE, which has been ranked the No.1 selling Core-Banking solution for the third consecutive year, signals a move to open-systems based core-banking architecture. In addition to FLEXCUBE universal banking solution, SICREDI will implement Reveleus’ Risk, Enterprise Performance and Customer Profitability analytics to tightly integrate and access an enterprise-wide view across 126 credit unions and 855 agencies and a vast ATM network. The analytical applications will provide critical risk analysis of SICREDI’s growing retail and corporate lending portfolio and a better understanding of customer and product profitability.

Commenting on this partnership, the Director-President of SICREDI League, Mr. Alcenor Pagnussatt said, "At SICREDI, our mission is to be an efficient and effective vehicle, for our credit unions to access the financial markets. This initiative further substantiates that commitment and will dramatically increase our members’ ability to provide enhanced service levels at lower costs."

Speaking on the win, Mr. A Srinivasan, Vice-President Sales, LATAM region, said "This new technology adoption clearly demonstrates SICREDI’s visionary position. We are eager to work closely with SICREDI, to help them realize the full benefits of FLEXCUBE & Reveleus and strengthen their competitive position in Brazil’s financial market place."

"This win reinforces our strong capabilities and insights into the Brazilian financial market. SICREDI’s implementation will be a unique showcase and we are quite upbeat about the momentum it will create in the region" says Marco Garib, President- EverSystems, i-flex’s business partner in Brazil.

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