MUMBAI, INDIA: i-flex solutions, a provider of technology solutions to the global financial services industry, has announced that Old Mutual Finance (Pty) Ltd, a wholly owned subsidiary of Old Mutual Group, has implemented its Daybreak Lending Suite.

i-flex solutions said in a statement that it was required to complete the implementation of Daybreak in a short period of three months because Old Mutual needed to be compliant with South Africa's National Credit Act (that came into force on June 1, 2007).

The act seeks to improve transparency in financial transactions, requires lenders to disclose all conditions attached to credit transactions as well as sets caps on interest rates. Old Mutual satisfied itself that Daybreak would meet all the requirements of the Act, hence the decision to choose Daybreak.

Speaking on the implementation, Hennie Vermaas, business unit manager for Old Mutual Finance (Pty) Ltd, South Africa, said, "It was indeed a daybreak for Old Mutual Finance when we went live on schedule with the lending platform from i-flex that enabled us to comply with South Africa's National Credit Act of 2007. i-flex solutions' track record of rapid implementations in various parts of the world was an important factor in our decision to choose the product."

"We are happy that we could help Old Mutual Finance meet the tough deadline that they had before them. We are also delighted with the momentum that our lending solutions are gaining in the market place," said Joseph John, executive vice president, Banking Products, i-flex solutions.