NEW YORK, March 1, 2005. i-flex solutions (Reuters: IFLX.BO/IFLX.NS), and Fundtech Ltd. (NASDAQ: FNDT), both leading providers of technology solutions to the global financial services industry, announced that they have signed a strategic marketing agreement to offer a total payment solution to financial institutions around the world. This agreement formalizes a working relationship that the companies have had for nearly five years while collaborating on complex payment system projects at major financial institutions.
The primary benefit to customers resulting from this relationship will be the combination of Fundtechâs Global PAYplusâ¢ payments system with i-flexâs PrimeSourcingâ¢ professional services. Together the two companies are providing seamless sales and delivery of the leading high-end, high-performance payments systems with high quality implementation services and support.
i-flex has more than 4,000 IT and financial services professionals with domain specialization in the banking and finance industry. i-flexâs PrimeSourcing division services the entire bandwidth of IT needs including system integration, architecture design and analysis, interface development, integration, implementation and maintenance services.
Fundtech markets Global PAYplus, a highly scalable web-based payment system that offers financial institutions the ability to reduce operating costs through consolidation and superior STP rates, while improving service to corporate clients through highly customized payment services.
"Payments is a strategic requirement for financial institutions and upgrading systems in this space has been extremely costly and fraught with project risk. By combining Fundtechâs Global PAYplus solution with iflexâs system integration expertise, we provide the worldâs leading financial institutions with a best-of-breed system and the capability to implement, enhance and support it professionally" said R. Ravisankar, Chief Executive Officer, International Operations, i-flex solutions
"We have worked along side of i-flex for many years and we are delighted to formalize our relationship," said Reuven Ben Menachem, CEO of Fundtech. "Our agreement with i-flex greatly expands our ability to successfully market and deliver Global PAYplus throughout the world because our partner can offer high-quality services and real-world implementation experience on a global scale," he added.