I-flex solutions, a leading provider of technology solutions to the global banking and financial services industry announced today that Federal Home Loan Bank of New York (FHLBNY) - a congressionally chartered, wholesale bank set up in 1932, managing assets over USD 81.7 billion and servicing over 300 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands - selected FLEXCUBE as part of its current technology strategy.
FLEXCUBE's core modules will be implemented to automate FHLBNY's Demand Deposit Account (DDA) portfolio of member financial institutions.
FLEXCUBE will replace the current DDA application later this year. Commenting on the choice of FLEXCUBE, FHLBNY's Vice President of Deposit Services, John Surre said, "I am impressed with the compelling value provided by FLEXCUBE's modern architecture. The system is very flexible and meets the bank's requirements. In addition, the company has an excellent track record of successful system implementations. We are confident that the choice of FLEXCUBE provides the bank with opportunities to further enhance our operation over time."
Speaking on this win, R. Ravisankar, CEO, International Operations and Business Development, said "We see the partnership with the Federal Home Loan Bank of New York as a strategic one in addressing their growth and competitive advantage. There are similar banks in the United States who could leverage the learning from this program and partnership to replace their existing applications."