i-flex solutions Announces Major Deal with Banco De Chile; Win for Retail...

i-flex solutions Announces Major Deal with Banco De Chile; Win for Retail Core Banking Replacement in Latin American Market



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New York, NY–(HISPANIC PR WIRE – BUSINESS WIRE)–June 18, 2004–i-flex solutions (MUMBAI:IFLX) (NSE:IFLX), a leading provider of information technology solutions to the global financial services industry, announced that after a rigorous evaluation process that included four of the top banking software providers in the world, Banco de Chile has selected i-flex’s FLEXCUBE product suite to replace its legacy retail core banking system.

The FLEXCUBE product-based architecture will replace the Bank’s existing core system and allow them to run their various business lines on a single application platform, define new products on a template format and utilize common services across all FLEXCUBE modules. The i-flex team commenced the project on September 2003 and has completed the initial project ground work at the Bank, including study and analysis of the Bank’s requirements. The team will begin the next phase of the project to implement the core banking solution that covers a number of retail banking activities, ranging from General Ledger that offers multiple views of the information to support the Bank’s multiple reporting structures and functional modules including loans, current and savings accounts. The newly integrated system will allow the Bank to launch new products faster and more efficiently by eliminating previous requirements to make extensive code modifications to multiple fragmented systems.

“The Latin American financial services industry is an exciting market for i-flex,” said R. Ravisankar, Chief Executive Officer, International Operations and Technology, i-flex solutions. “The region is one of the fastest growing financial services IT markets in the world. We are delighted that a premier bank from the region has decided to adopt our flagship offering for its mission critical operations.”

“We recognized that in order to improve our time to market with new products and services for our customers we needed a state-of-the-art solution,” said Pablo Granifo, Chief Executive Officer, Banco de Chile. “i-flex solutions is an industry leader, bringing their domain expertise to the table, as well as the FLEXCUBE product suite’s proven track record of successful large and complex implementations in bi-lingual environments.”

Banco de Chile is the oldest bank in Chile and the largest financial institution of local capital. Headquartered in Santiago, Banco de Chile is a full-service commercial bank focused on providing the whole range of financial services to corporate and individual customers. The Bank delivers financial products and services through a nationwide network of 219 branches, 822 automated teller machines (ATMs) located throughout Chile as well as offers international banking services through its branch in New York, its agency in Miami, representative offices in Buenos Aires, Sao Paulo and Mexico City and a worldwide network of correspondent banks.

About i-flex solutions

i-flex solutions (MUMBAI:IFLX) (NSE:IFLX) is a world leader in providing IT solutions to the financial services industry. i-flex has serviced over 475 customers in more than 105 countries. i-flex’s range of products and customized services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.

i-flex’s portfolio of offerings comprise FLEXCUBE, a complete product suite for retail, consumer, corporate, investment and internet banking, asset management and investor servicing. Since its launch in 1997, more than 185 financial institutions in more than 85 countries have preferred FLEXCUBE. FLEXCUBE has been ranked the world’s No. 1 selling banking solution for two consecutive years, 2002 and 2003, by the UK-based International Banking Systems (IBS).

PrimeSourcing(TM) offers customized application development, reengineering and maintenance; testing and production support; and system integration services through various onsite/off-shore delivery models. i-flex consulting offers an end-to-end consulting partnership. It provides comprehensive business and technology solutions that enable financial services enterprises to create new business models, enhance competitive advantage in the digital marketplace, and implement efficient ways to transact business. It provides business and IT strategy consulting, business and technology consulting, and process and quality consulting.

i-flex has over 3,000 employees operating from 11 development centers across India, Singapore and the USA. The company has a strong global reach with a sales, marketing and support presence covering 20 overseas locations, including four subsidiaries (i-flex solutions inc. in the USA, i-flex solutions b.v in the Netherlands, i-flex solutions pte. ltd. in Singapore and SuperSolutions Corporation in the USA). In addition, i-flex is represented in over 50 countries through 25 corporate business partners. i-flex also has strong alliance and implementation relationships with industry leaders such as Hewlett Packard, IBM, Intel, Microsoft and Oracle.

For further information, please visit: http://www.iflexsolutions.com

Copyright (C) 2004 i-flex solutions. All rights reserved.

FLEXCUBE, Reveleus, PrimeSourcing, DayBreak Lending Suite, and other i-flex products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of i-flex solutions limited in India and in several other countries all over the world. All other product and service names mentioned are the trademarks of their respective companies.

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CONTACT:

i-flex solutions

Penney Richardson

415-771-8106

415-492-2810 (fax)

i-flex solutions Announces Major Deal with Banco De Chile; Win for Retail Core Banking Replacement in Latin American Market