A flagship installation of i-flex's Flexcube core banking software at Germany's HVB Group has been halted following a "change in strategy" at the bank, according to reports by Reuters.
"The (i-flex) project with Financial Markets Services Bank has been stopped due to a change in HVB Group's general strategy in German transaction banking, where FMS Bank is one of the major players," Munich-based Knut Hansen of HVB Group, told Reuters in an e-mail response to a query.
I-flex signed a "significant" five-year deal with HVB last year to introduce Flexcube in up to 50 subsidiaries of the bank worldwide.
FMS Bank was to have been the first HVB unit to use the i-flex product, with a launch date of end-2003.
"The basic agreement gives all HVB Group subsidiaries the possibility to purchase Flexcube at fixed conditions. Whether the independent units will do and in which time frame I cannot comment," Hansen told Reuters.
I-flex declined to comment on the report.