IBM and Indian banking product software company I-flex Solutions announced Thursday an alliance to market core banking applications to medium-size and large banks in major markets worldwide. The applications, consisting of IBM middleware and computers, and I-flex's banking software products, are targeted as a replacement for legacy systems in banks.
I-flex, based in Mumbai, is one of the few Indian product companies to have a large installed base worldwide for its product software, including customers in the U.S., Japan and Europe. Besides its flagship Flexcube product suite, which consists of a set of banking applications covering retail, corporate and investment banking operations, I-flex also offers a suite of pre-packaged analytical applications for financial institutions, called Reveleus.
"In this highly competitive environment, banks need to focus on aligning technology investments with the need to integrate multiple platforms and diverse lines of business," said Mark Greene, general manager of IBM Global Banking Industry. "With I-flex solutions, we will provide customers with a flexible and open-standards based solution that will help them increase operational efficiency and lower costs."
The global alliance between IBM in Armonk, New York, and I-flex builds on an earlier deal. As part of the new alliance, IBM will promote Flexcube as a banking solution for customers using Unix and Windows NT operating system environments. IBM's Business Consulting Services will provide consulting, implementation and integration services in some cases. IBM and I-flex will also jointly promote Reveleus. The agreement between the two companies is, however, nonexclusive.