i-flex Solutions

i-flex Solutions Ltd announced the launch of FLEXCUBE® Universal Banking Solution (UBS) Release 10.0 at Sibos in Boston, MA, USA. Sibos is the world's premier financial services event attracting the industry's leading figures and firms.

The Company has invested over 50,000 person days of effort in developing new functionality for FLEXCUBE UBS Release 10.0.

The new release enables banks to standardize, transform and optimize their business processes. Banks can use FLEXCUBE to simplify and streamline processes, track and rapidly administer complex multi-step transactions, efficiently distribute workload by identifying bottlenecks and improve customer service by using pre-defined custom processes for different segments of customers.

FLEXCUBE release 10.0 has a new task-based User Interface on an agile J2EE based architecture. It uses BPEL (Business Process Execution Language), and Business Activity Monitoring (SAM) technologies, to provide powerful business process management capabilities to banks. The new release enables FLEXCUBE to participate in an SOA environment and contains a comprehensive and wide ranging set of Web Services to cover all transactional and business process orchestration requirements.

"Banks want to achieve competitive differentiation by developing innovative business offerings and to fine tune their processes based on insight and measurement. This release of FLEXCUBE enables banks to achieve this holistically," says Joseph John, Executive Vice President, Banking Products Division, of the Company. "i-flex has made a strategic choice of adopting Oracle Fusion Middleware, with complete SOA support that enables adoption of open standards. We are continuously adding new functionality to meet evolving business needs and are excited about the value we provide to our Customers."

A new task-based User Interface (UI) provides for high throughput, via easy access to task-lists, customer profiles and transaction context. This supports configuration of screens without any impact to the underlying business logic that is exposed as Web Services. Leveraging BAM technology, FLEXCUBE provides users with dashboards to measure process performance and identify bottlenecks for process improvement. The product serves Governance, Risk & Compliance frameworks thus allowing institutions to be compliant with changing regulations, monitor fraud and manage their risks effectively.

This release preserves the rich business functionality that FLEXCUBE offers Wholesale Banks for their Cash, Trade, Payments, Treasury and Lending and Retail Banks for their Savings, Deposits and Loans businesses. Other key features of this new release include SWIFT 2007 enhancements, SwiftNET connectivity and comprehensive support for SEPA Payment processing. FLEXCUBE, since the first release of the application in 1997, offers users the ability to configure new products without any software code change. It allows them to process these for multiple entities from a single-instance of the application installed in the Bank.

Earlier, the Company had announced, i-flex Process Framework for Banking, a repository of banking processes developed based on i-flex’s years of experience in working with over 765 financial institutions across over 130 countries. FLEXCUBE Universal Banking Solution implements these processes with executables built and executed with Oracle BPEL Process Manager.