i-flex's FLEXCUBE Selected as Preferred Core Banking Solution by Three Banks in Chile

Mumbai, April 12, 2006: i-flex® solutions (Reuters: IFLX.BO/IFLX.NS), a leading provider of technology solutions to the banking and financial services industry world-wide announced today that its flagship product FLEXCUBE® has been selected as the core banking solution by three Chilean banks namely Banco del Desarrollo, Banco Security and Banco Internacional.

The three banks have mandated Entel, a leading Chilean telecom provider, to architect the entire turnkey project for the outsourcing of Operations and
Technology, including the FLEXCUBE core banking system. This innovative outsourcing model will help the banks reduce their operational costs and
enable them to compete more effectively in the highly aggressive Chilean banking market. DMR Consulting, i-flex's Corporate Implementation Partner, in association with i-flex solutions, will assist Entel in the implementation of FLEXCUBE, end-to-end integration and migration and consulting services.

The three banks will now gain access to a world-class banking platform in the Spanish version of FLEXCUBE to handle their back-office operations and client management needs.

i-flex enhances FLEXCUBE's presence in Chile with four out of the five banks opting for the solution in the last three years. This outsourcing model is the first of its kind in the region, where banks have embarked on outsourcing their core processes.

Commenting on the customer acquisition, R. Ravisankar, CEO International Operations and Business Development, i-flex solutions said, "We are delighted to partner with these three forward-looking Chilean banks in helping them redefine their technology strategy and arming them with competitive advantage. i-flex is deeply committed to Latin America and these wins are testimony to our growing presence and traction in the region.”

This win reinforces the emerging trend that an increasing number of banks in Latin America, are exploring new ways of outsourcing technology with the objective of standardizing processes at a lower cost.

Outlining its role - the CEO of DMR Consulting - Benito Vasquez said, "This implementation is a testimony of our capability and track record of understanding our customers' business in this region. We are glad to blend our local insight and expertise and FLEXCUBE's globally proven functionality to offer an unrivalled banking solution.”

"We are proud to lead this project, which will highly impact the new Chilean banking trends. This project is strongly aligned with the corporate mission of the company to innovate the IT and telecommunication services,” said CEO of ENTEL Richard Buchi.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development