Mumbai, December 20, 2007: i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), a world leader in providing IT solutions to the financial services industry, today announced that Financial Information Network & Operations (FINO) is using its award winning* core banking product, FLEXCUBE® to help microfinance institutions address the challenges they face in processing large volumes of low value transactions.
Microfinance institutions around the world have developed innovative models to address the needs of the mass under-banked segment. In India, FINO's pay per use model allows microfinance institutions to use its sophisticated back office infrastructure to reduce transaction costs, scale their operations quickly and extend their reach.
i-flex solutions has a strategic alliance with FINO to provide a reliable and scalable processing engine. "With i-flex solutions and FLEXCUBE we have a partner and a core banking solution that are leaders in the field. With FLEXCUBE, FINO can provide microfinance institutions a range of services and products that can easily be customized to meet special requirements. In addition, FLEXCUBE's capability to handle millions of small-value transactions means we will be able to grow with microfinance institutions as they expand the scale of their operations," says Manish Khera, CEO, FINO.
FLEXCUBE has been configured to meet the special needs of microfinance institutions. For instance, it supports lending to self help groups or joint liability groups and can handle disbursements and or repayments for an entire group of borrowers as a single transaction. It is also able to handle daily, weekly or other interest repayment schedules to cater to the needs of hawkers and small businesses.
"FINO has the vision and the capability to handle the volumes and the complexity that go with microfinance. Its approach is pioneering and frees microfinance institutions from the need to make large investments in infrastructure. It thereby enables them to expand their businesses without restriction," says Deepak Ghaisas, Vice-Chairman, i-flex solutions.
*IBS (UK) has ranked FLEXCUBE as the No. 1 banking solution in the world for five consecutive years 2002, 2003, 2004 and 2005 and 2006.
FLEXCUBE®, a complete banking product suite for retail, consumer, corporate, investment and internet banking, consumer lending, asset management and investor servicing, including payments (SWIFTNet and SEPA). Since its launch in 1997, 325 financial institutions in over 115 countries have chosen FLEXCUBE. FLEXCUBE enables financial institutions to standardize, optimize and transform their processes.
Financial Information Network & Operations Ltd. is a pioneering Application Service Provider (ASP). It uses technologies like Smart cards, Biometrics and a basket of support services to enable Financial Institutions to conceptualize, develop and operationalize projects for financial inclusion. It supports sector initiatives such as General Credit cards (GCC) and Kisan credit cards (KCC) aimed at enabling the un-banked to enjoy the benefits of formal financial products and services.
Backed by hundreds of man-hours of knowledge capital & financial institutions, FINO today is helping many banks, microfinance Institutions and government entities manage and support large integrated mission critical pan India project rollouts, at incremental costs, while sharing the benefits arising out of economies of scale with all its business partners.
About i-flex solutions
i-flex® solutions (Reuters: IFLX.BO and IFLX.NS), majority owned by Oracle, is a world leader in providing IT solutions to the financial services industry, with more than 775 customers in over 130 countries. Its strategy for financial services addresses the challenges that financial services institutions are faced with today. Its range of applications software, custom solutions and consulting services enable financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels and mitigate risk.
Together, Oracle and i-flex solutions offer financial services institutions the world's most comprehensive banking applications and technology footprint to address complex IT and business requirements.
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