As part of its automation platform for its global corporate banking businesses, Citibank will deploy the Flexcube enterprise banking solution from i-flex solutions, an India-based software company.
The deployment has begun in Asia Pacific, western and eastern Europe, and Latin America and work is completed in 11 countries-- Finland, Austria, Norway, Denmark, Luxembourg, United Kingdom, Poland, Singapore, Thailand, Korea and Malaysia.
In an upgrade of its back-office corporate banking infrastructure, Citibank is using Flexcube as the base of standard business processes, which is expected to provide a single standard interface to users. "As a global financial services company which is using technology to improve productivity and lower operating costs, the use of Flexcube will allow us to gain efficiencies by standardizing our operating environment," said Bob Druskin, chief operations and technology officer at Citigroup. The standardization effort will benefit Citibank by lowering transaction-processing costs and by providing a seamless operating environment.
"The choice of Flexcube by a financial institution of the scale and caliber of Citibank is a resounding endorsement of the Flexcube suite of banking solutions," said Rajesh Hukku, chairman of i-flex solutions.
The product's open architecture, flexibility and ability to seamlessly integrate with other systems make it an ideal solution for financial institutions with global operations, according to R. Ravisankar, CEO, international operations and technology at i-flex solutions. "The Citibank deployment represents a significant proof point of i-flex's capability to provide effective solutions to the complex technology needs of global financial institutions."
Flexcube will be deployed to support Citibank's corporate banking business and serve as the repository for its customer accounts and general ledger.
The Flexcube suite of products has already been adopted by more than 100 financial institutions across over 40 countries. Other customers include UBS Warburg in Europe, Shinsei Bank in Japan and DBS Bank in Singapore.
Citigroup is an investor in i-flex through its Citigroup Venture Capital business.