I-flex reports Flexcube contract

I-flex reports Flexcube contract

Indian fintech vendor i-flex says Punjab State Co-operative Bank (PSCB) is rolling out to its Flexcube core banking technology across 800 branches.

PSCB will roll out Flexcube, powered by Oracle Database and Oracle Real Application Clusters, across the 800 branches of its 19 district central co-operative banks. I-flex subsidiary Flexcel will deploy, host and manage the core banking system.

Having already built a data centre to manage the roll out, the bank has so far deployed the technology in about 40 branches, with a second phase of implementation across 200 further locations to begin shortly.

I-flex says the deployment will enable PSCB to improve transaction processing and provide online, real-time banking to accounts from any of the 800 bank branches in the network. the technology will also enable standardisation of products and services to customers.

PS Sidhu, MD, Punjab State Co-operative Bank, says: "We selected Flexcube, Oracle Database and Oracle Financial Services OnDemand to enhance our efficiency by replacing manual processes, maintain the customer intimacy we have created over the years, and develop competitive differentiation because we expect the market to be increasingly demanding."

Last month i-flex sought regulatory and shareholder approval to change its company name to Oracle Financial Services Limited. I-flex says the move reflects its "close strategic and operational alignment" with parent company Oracle, which holds an 81% stake in its business.

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