The Hindu Business Line : Chilean bank opts for i-flex software

FOLLOWING its strategy to focus on the Latin American market i-flex Solutions Limited has bagged eight to ten clients in the banking sector in regions such as Paraguay, Venezuela and Chile. The company won an order valued at $10 million from Banco de Chile for implementing Flexcube at 250 of its branches and 800 ATMs and service outlets.

"The Latam economies are liberating with more investment being ploughed into the banking sector. Moreover the presence of foreign banks is making it imperative for local banks to adopt new technology. There are upwards of 1,000 banks present and this is the opportunity that we will explore," Mr A. Srinivasan, Senior Vice President, Latin America, Carribean and Africa, told Business Line.

Having invested in launching a Spanish version of Flexcube, the company has also made certain value adds to the software including regulatory compliances and local language support for documentation.

As part of the Banco de Chile project, the Flexcube product-based architecture would replace the bank's existing core system allowing it to run its various business lines on a single application platform and utilise common serves across all Flexcube modules, informed a company release.

The i-flex team commenced the project on September 2003 and would continue to work over the six to eight quarters. Besides implementation of Flexcube, i-flex is looking at extending the client relationship to bag more projects including deployment of ERP, CRM and Reveleus, Mr Srinivasan added.

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