Flexcel to deploy banking solution on ASP model

MUMBAI: Flexcel International Private Limited, a venture with equity participation of i-flex solutions limited and HDFC Bank limited, have signed India’s first agreement on centralized banking solution on an ASP model with Lord Krishna Bank Ltd (LKB). With this move, Flexcel International and Lord Krishna Bank are ushering in a paradigm shift in the banking technology domain. This will allow them to use the latest technology to serve their customers, without having to make the huge investments associated with it.

Speaking on the occasion, A Rajan, CEO, Flexcel International said, "ASP route will be the ideal solution for banks to quickly automate with a high-end centralized banking solution, without having to incur the heavy initial investments associated with it. This is the reason why LKB has endorsed its faith in this concept."

Flexcel International, as part of its ASP offer, will provide contractual services to the bank to deploy, host, manage and rent access to Flexcube centralized software, the flagship product of i-flex solutions Ltd, from a centrally managed data center. Besides providing access to Flexcube applications to LKB, Flexcel will also spearhead the implementation of the software in all the designated branches of the bank at a rapid pace, supported by necessary training and other migration tools for the conversion.

As part of its comprehensive IT solution package, Flexcel International is also offering an ATM switch on an ASP basis to LKB, enabling it to offer customers the facility to operate from any of its ATMs. LKB has also agreed to take a 20% stake in the equity base of Flexcel International as part of its investment strategy. Through this ASP model from Flexcel, LKB will automate all operations of the Bank, including Corporate, Retail, Investment and Treasury activities and offer anywhere banking to its customers through its branches across the country. Once the core centralization project is complete, LKB will also provide Internet and Mobile Banking to its clients.