Connecticut-based People's Bank has awarded a contract for the replacement of its core deposits system to a joint tender from i-flex solutions and Oracle.
The contract is the first core banking deal between i-flex and its majority shareholder Oracle in North America.
Under the agreement the bank will implement i-flex's Flexcube platform, along with the Reveleus customer profitability analytics product and Oracle Database.
Mark Vitelli, EVP, direct banking and operations, People's Bank, says the selection of Flexcube was based on the platform's global track record and expansive product functionality.
"The joint value proposition from i-flex and Oracle - which delivers best-of-breed functionality with broad enterprise capabilities - was truly compelling," says Vitelli.
David Sardilli, SVP, global industries business unit at Oracle, says: "This is a strategic win for i-flex and Oracle, demonstrating our joint vision of transforming the banking industry through a new generation of solutions that offer new flexibility and, ultimately, lower total cost of ownership to our customers."
Oracle holds a majority stake in i-flex after buying a 41% share in the Mumbai-based vendor held by Citigroup Venture Capital International in 2005. According to press reports Oracle upped this stake to 83% after offering a sweetened open offer price to minority shareholders in December.