i-flex Solutions has completed the rollout of FLEXCUBE, its flagship banking product, in 67 countries within Citi’s markets and banking division.
This implementation is the culmination of seven years of work. With the completion of the rollout, 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 centralising 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 in-house systems built for specific requirements.
Citi selected FLEXCUBE in 2000 to replace its older legacy banking system. i-flex commenced the FLEXCUBE implementation in 2000, with Finland being the first country to go live that year. In choosing FLEXCUBE, Citi has been able to preserve its investment in several hundred highly specific point solutions.
“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,” says Steve Randich, chief information officer, Citi Markets & Banking.
This technology replacement was part of a world-wide initiative of Citi which embarked on a program to modernise its entire technology and infrastructure by standardising on a common platform.
“The scale of the FLEXCUBE rollout at Citi has never been attempted nor achieved. As partner in the transformation program at Citi we have together demonstrated the enormity of benefits that a Bank can reap by standardisation of the processing platform and leapfrog to a new level of operational excellence and cost management. We look forward to greater success as Citi continues to move forward on this ambitious program” says N. R. K. Raman, CEO and managing director, i-flex solutions.