CIOL:Peoples Bank to implement FLEXCUBE

NEW YORK: i-flex solutions and Oracle on Tuesday announced that People's Bank (Bridgeport, Connecticut) has selected i-flex’s FLEXCUBE for its Core Deposits system replacement.

The bank will implement FLEXCUBE, along with Reveleus Customer Profitability Analytics and Oracle Database.

The purchase represents the first core banking engagement between i-flex and Oracle in North America.

People's Bank announced on August 18th 2006, that it has completed its conversion from a Connecticut-chartered savings bank to a federally chartered savings bank. Founded in 1842, People’s Bank is one of Connecticut’s largest banks with assets of $11 billion.

"We selected FLEXCUBE to replace our legacy technology based on its global track record and expansive product functionality,” said Mark Vitelli, executive vice president, Direct Banking and Operations, People's Bank. “The joint value proposition from i-flex and Oracle – which delivers best-of-breed functionality with broad enterprise capabilities – was truly compelling.”

“This is a strategic win for i-flex and Oracle, demonstrating our joint vision of transforming the banking industry through a new generation of solutions that offer new flexibility and, ultimately, lower total cost of ownership to our customers,” said David Sardilli, senior vice president, Global Industries Business Unit at Oracle. “We are committed to delivering unparalleled value to our customers and to helping them increase the operational efficiency of their business."

"We are delighted with this win at People's Bank, a respected American financial institution,” said i-flex solutions chief executive officer R Ravisankar. ”Banks are increasingly facing the challenge of meeting rapidly changing market requirements, and the need to replace legacy systems with a next-generation solution that provides business agility. FLEXCUBE provides the answer to this pressing need.”

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