i-flex solutions, a provider of technology solutions to the global financial services industry, has completed the rollout of FLEXCUBE, its flagship banking product, in 67 countries within Citi’s markets and banking division.
Citi is a global financial services company which houses major brand names including Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex.
The culmination of seven years of work, the completion of the rollout will see FLEXCUBE now supports Citi Markets & Banking’s extensive, complex operations in the U.S., Europe, Africa, Asia-Pacific and Latin America.
With offices in countries including the UK, Germany, Italy, Japan, Australia, Singapore and Hong Kong, FLEXCUBE technology will help the firm manage DDA, Loans, Treasury, Cash and Liquidity management products.
Launched in 1997, FLEXCUBE is a multi-currency system capable of being deployed across multiple geographies while centralizing data processing at single or multiple hubs.
FLEXCUBE also has the ability to “talk” to other applications designed for niche banking operations. These capabilities in particular address the needs of large, tier-one banks, such as Citi, with operations in several countries, each of which often have a host of inhouse systems built for specific requirements.
On FLEXCUBE going live, Steve Randich, Chief Information Officer, Citi Markets &
Banking, stated: "Replacing a core banking system across 67 countries around the world is an unparalleled achievement in scope and impact. We are already seeing great operational and cost benefits. We have enhanced our ability to launch new products and respond to ever changing market realities. Now we can better localize offerings on demand and we are able to achieve greater efficiencies throughout our global network.”
This technology replacement was part of a world-wide initiative of Citi which embarked on a program to modernize its entire technology and infrastructure by standardizing on a common platform. |
