US banking giant Citi has completed a seven year project to implement the Flexcube core banking platform from Indian vendor i-flex across its markets and banking units in 67 countries.Citi agreed to replace its legacy system with Flexcube in 2000 and the bank's Finish operations went live with the new technology later that year.
The system now supports Citi's markets and banking division's operations in the US, Europe, Africa, Asia-Pacific and Latin America. Offices in 67 countries, including the UK, Germany, Italy, Japan, Australia, Singapore and Hong Kong have implemented the technology.
The vendor says its Flexcube technology supports the bank's demand deposit account, loans, treasury, cash and liquidity management products.
"Replacing a core banking system across 67 countries around the world is an unparalleled achievement in scope and impact. We are already seeing great operational and cost benefits," says Steve Randich, CIO of Citi's markets and banking division. "We have enhanced our ability to launch new products and respond to ever changing market realities. Now we can better localise offerings on demand and we are able to achieve greater efficiencies throughout our global network."
I-flex says overall there are more than 2500 products serviced by the technology and Fluxcube processes more than seven million transactions per day. The vendor had to build more than 1500 product interfaces to interact with the hundreds of Citi systems deployed across the 67 countries.
The Flexcube deployment is part of Citi's world-wide programme to modernise its entire technology and infrastructure by standardising on a common platform.
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