I-flex reports top-line growth as HVB joins customer roster
29 May 2003 | 3734 views | 0
HypoVereinsbank of Germany has signed a contract to implement i-flex’s flagship Flexcube banking solution in Munich and internationally.
The Flexcube rollout begins in Germany and will expand internationally over the course of the coming year. The project has started at Financial Markets Services Bank (FMSB) in Munich, which is scheduled for go live at the end of the 2003.
The agreement calls for the installation of Flexcube in up to 50 HVB Group subsidiaries worldwide, with the core banking package slated to replace a number of existing back office systems across all international locations.
The bank plans to adopt an outsourcing model and centralise processing in an effort to reduce operating costs and achieve standardisation across the group.
Reiner Zorbach, head of group shared services, HVB Group says i-flex won the mandate following a competitive tender and stringent evaluation. "The combination of the latest technology, broad functional coverage and an attractive cost model had the best fit with our manifold requirements," he says.
News of the strategically significant deal comes as the Mumbai-based supplier reports a 46% rise in revenues and profits growth of 71% for the fiscal year to end-March 2003.
The vendor says it added 59 new customers over the last 12 months, increasing total customer numbers to 404, spanning 93 countries. Much of the expansion comes from key customer wins in Asia, Europe and, most recently, the United States. These include: NikkoCiti Trust in Asia, Hebros Bank and Banking Payments Authority in Europe, International Monetary Fund and the North Carolina Department of State Treasurer in the United States.