I-flex signs Credit Agricole to Flexcube

Source: i-flex solutions

i-flex solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of technology solutions to the global banking and financial services industry, today announced that:

  • A leading French bank and one of the world's largest banks by asset size, Credit Agricole S.A., has chosen FLEXCUBE to support the bank's targeted international consolidation and growth. FLEXCUBE would enable the bank's retail and corporate banking businesses.
  • Implementing FLEXCUBE would help the Credit Agricole team leverage its core expertise in retail banking across the countries in which it operates. FLEXCUBE would enable the bank to standardise business processes for its global operations and deliver products and services to end-customers efficiently, while giving the flexibility to offer products with a local flavour. This move to "industrialise operations" of its international business highlights the bank's drive to capitalise on the opportunities its sees globally.
  • The FLEXCUBE implementation at Credit Agricole's international banking operations in the first five countries is expected to be complete in a phased manner, with other countries following suit progressively.
  • This announcement comes at a time when international branches of global banks are increasingly standardising their core systems on FLEXCUBE since it offers a proven migration path for banks that have invested in applications bought from vendors as well as developed in-house. Credit Agricole selected FLEXCUBE after a detailed six-month evaluation commencing early 2007. The bank considered solutions from prominent international vendors before choosing FLEXCUBE.

    Raymond Bert, COO, Credit Agricole International Retail Banking, explained the reasons for selecting i-flex and FLEXCUBE. "We looked to partner with an application provider who has delivered solutions for the global operations of large banks such as ourselves, and i-flex clearly stood out in this respect. Their proven ability to deliver solutions for international operations, enabling standardization, economies of scale and industrialization of processes impressed us."

    R Ravisankar, Vice-Chairman, i-flex solutions said: "Our engagement with Credit Agricole reinforces our leadership position in providing solutions for the international operations of banks, especially in Europe." He added: "We are excited to be a partner of choice to Credit Agricole in its journey across the globe and sure that our rich experience of deploying solutions of this scale globally will bear the bank rich dividend."
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