i-flex to set up software development center in Pune

PUNE: Software solutions provider i-flex Solutions has announced plans of setting up a Rs 15 crore financial software development center in Pune. This proposed center would be yet another addition to its existing operations in Mumbai and Bangalore.

Deepak Ghaisas, CEO, i-flex, explained that the establishment of a center at Pune was an endeavor to bolster the number of online payment mechanisms specifically in the area of credit cards by constantly developing, innovating and enhancing software to smoothen payment experiences of customers.

"The Pune facility would be a center of excellence for credit cards and payment systems and Internet/e-commerce security," he said. Besides products and projects in e-commerce, the center will also provide systems integration services for customers of i-flex’s banking software product Flexcube. Flexcube is the universal banking solution that meets enterprise needs in retail, corporate and investment banking. Flexcube is a solution that offers integrated delivery of all the banking products across the branch network, telephone, ATM, POS and the Internet.

Ghaisas explained that the Pune center would contribute to financial institutions that wish to integrate the existing systems to new business applications and channels including revamping payment networks for their organizations. The development center spread over 23,000 sq. feet will boast of a staff strength of 300 professionals by the end of 2001. The facility will double their workforce thereafter.

According to Nandu Kulkarni, head of the new Pune center, said i-flex, in partnership with the HDFC group, is now gearing up to provide its Flexcube banking product on the ASP model to small and co-operative banks. The project would be on stream in the second quarter of 2001 with at least two banks in South India signing up for the service, he said.

i-flex Solutions, which specializes in providing IT solutions to the banking and financial services industry, has a reach in over 70 countries with some 270-odd financial institutions as clients. The company's new business model focuses on delivering its new banking products, services and e-commerce solutions to FIs worldwide with a strategy of leveraged distribution and local joint ventures enabling them to tap non-English markets.