Financial Daily from THE HINDU group of publications
Wednesday, Jan 01, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jan 01, 2003 |
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Info-Tech
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Software i-flex to target US community banks Vishwanath Kulkarni
BANGALORE, Dec. 31 I-FLEX Solutions Ltd, a financial software services and products company, is in talks with IT majors such as IBM, EDS and CSC to offer its flagship banking product Flexcube on an application service provider (ASP) platform to community banks in the US, the Caribbean and Latin America. Mr N.R.K. Raman, Senior Vice-President, global sales, i-flex said, "We are actively talking to IBM, EDS and CSC for partnership and are exploring the possibility of offering Flexcube on ASP platform to the community banks.'' However, Mr Raman declined to comment on the time-line as to when this new initiative would be launched and also on the number of partners i-flex planned to finalise. The partner is expected to play the role of system integrator, provide hardware infrastructure, set up data centres and host i-flex's banking solution. ``We have identified several hundreds of community banks which will never ever licence a product and we think `pay-by-use' model would be the ideal way to tap these banks," Mr Raman said. It is estimated that there are more than 10,000 community banks in the US, the Caribbean and Latin America with assets ranging from $50 million to $20 billion. Many of these banks run on one product and outsource their entire IT operations. These banks operate on technology, which is about 10-15 years old. "Faced with a high cost of operations, they are under pressure to replace mainframes," Mr Raman said adding "they provide a good opportunity for us". The ASP model is increasingly being adopted in the US, Mr Raman said adding that major companies such as Fiserve, Metavante and Hogan Systems have already taken the ASP route.
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