Indian fintech vendor i-flex solutions is teaming with New Jersey-based Financial Services Incorporated to deliver a hosted version of its Flexcube core banking platform to community banks in the US.
Under the agreement FSI, which has delivered data processing and item processing services to US community banks for over 50 years, will offer i-flex's Flexcube on an ASP basis.
Commenting on the agreement, Ed Devejian, COO of FSI, says: "Community banks no longer have to endure inflexible, non-integrated technology that doesn’t offer flexibility, agility and completeness of customer view."
George Thomas, VP, customer fulfillment and solution architecture, i-flex, says banks are struggling to meet the concurrent challenges of increasing competition, rapidly changing market requirements, increasing regulatory complexity and the constraints imposed by inflexible legacy systems.
"The compelling combination of the next generation Flexcube platform and FSI’s extensive experience in supporting community banks, will help banks in this segment achieve competitive advantage," says Thomas.
In a related development, i-flex has worked with eFunds to provide security screening and ID verification through the ChexSystems product suite. Under the programme, Flexcube users can access the ID Verification, QualiFile, OFAC Watch and New Account Chex services through an integrated, single point interface.