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IMF selects Flexcube for its banking needs

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CIOL Bureau
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NEW DELHI: i-flex solutions has been selected by the International Monetary Fund (IMF), an international organization of 184 member countries, to replace its legacy core banking application and operations infrastructure with Flexcube.



i-flex’s flagship product, Flexcube would enable the IMF to streamline operations in the areas of lending, deposits, financial accounting and business intelligence. With this deal, IMF has completed the Fit-Gap Analysis and is starting implementation with a target cutover date of May 2003.



With the implementation of Flexcube, IMF expects to achieve substantial improvements in service levels, efficiency and process streamlining. Flexcube's open architecture and ability to easily integrate with existing infrastructure and seamlessly add functionality would enable IMF to provide improved service levels to its member countries.



In addition, the solutions' integrated Straight Through Processing (STP) capabilities for automating transactions will help streamline IMF's back office activities, which will directly lead to lower costs per transaction and improved reporting capabilities.



"IMF can now more readily accommodate new technology and country specific requirements as well as eliminate costs associated with manual processing and redundant systems. This will help IMF deliver an unparalleled service standard and offer its member countries easy access to all relevant financial information," said R Ravisankar, CEO, International Operations and Technology, i-flex solutions Ltd.

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