i-Flex FLEXCUBE in 67 countries of Citigroup banking

i-flex Solutions Ltd on November 14, 2007, announced that it has completed the rollout of FLEXCUBE®, its flagship banking product, in 67 countries within Citi's markets and banking division.

This ambitious 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 ODA, 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 in - house systems built for specific requirements.

After careful evaluation of the market, Citi selected FLEXCUBE in 2000 to replace its older legacy banking system. The Company commenced the FLEXCUBE implementation in 2000, with Finland being the first country to go live that year. During the next several years, Citi transformed its core banking platform for its markets and banking unit with Company's modern, flexible, scalable and future-proof platform. In choosing FLEXCUBE, Citi has been able to preserve its investment in several hundred highly specific point solutions.

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. According to Celent, a leading industry analyst firm, "We believe Citibank will, ultimately, be able to save close to 110 Million USD annually through reduced maintenance costs as well as more rapid development times." (*Celent — Core System Replacement — July 2002)

N R K Raman, CEO and Managing Director, of the Company said: "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 standardization 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."

This landmark implementation was the first ever endeavour of such large scale and size. Overall, there are more than 2,500 products serviced and FLEXCUBE processes more than 7 million transactions per day. The Company had built a record number of more than 1,500 product interfaces that are geared to interact with hundreds of Citi systems deployed in 67 countries. FLEXCUBE has truly transformed the business and operating environment, offering standard set of products and processes in all countries, processing power to handle both organic and inorganic growth in volume and ensuring compliance across all countries.