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IBM teams up with I-flex to market financial products

Fakir Chand in Bangalore

IBM India, the $258-million wholly-owned subsidiary of the $89-billion global IT corporation, has entered into a strategic alliance with I-flex Solutions Ltd to deliver comprehensive solutions and services to the financial services industry worldwide.

According to the MoU signed in Bangalore on Friday, the two global companies with will market and sell I-flex's flagship Flexcube solution on IBM platforms, and IBM Middleware. IBM India will provide consulting, customisation, integration, and implementation services to financial services industry for Flexcube.

"The strategic alliance between the two IT giants will address the fast-growing and high potential Internet and centralized banking markets with Flexcube suite of products. The partnership also covers Flexcube@Internet banking solution to Internet-enable current installed systems at banks," IBM India Ltd CEO Abraham Thomas stated.

Both the partners will also leverage their expertise in implementing technology solutions at financial institutions to deliver value to the banks. As part of the alliance, IBM India will create a Flexcube implementation and consulting practice with support from I-flex.

"The game plan is to provide developers with access to new customers and revenue opportunities through IBM's marketing, sales, and solutions services. In a bid to rope in new customers in banking and financial services, I-flex will promote IBM as a preferred solutions and services provider," I-flex CEO for international operations and technology R Ravisankar affirmed.

The multiple advantages of I-flex's suite of banking solutions along with the systems integration capability of IBM India will help Indian and overseas banks derive the maximum value from their technology investments.

More than 70 financial institutions across 32 countries have so far adopted Flexcube, which has been aptly termed as the next-generation universal banking solution. "It automates all operations of a banking corporation, including corporate, retail, investment, treasury, unit trust and mutual fund investor services, besides asset management. It also caters to a range of delivery channels, including telephone banking, home banking, ATMs, POS or debit cards, and the Internet," Ravisanker claimed

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