i-flex Launches in North America to provide Technology Solutions to the Financial Services Industry

Award Winning Products and Consulting Services Available to North American Financial Institutions

New York, February 4, 2002 - i-flex solutions limited, a global provider of integrated IT solutions for the financial services industry, today launched     i-flex solutions inc. to provide financial institutions in North America with software and services that help mitigate risk, reduce transaction costs and arm companies with the ability to rapidly respond to changing market conditions.

i-flex has successfully serviced over 300 customers in more than 80 countries; its expansion into North America marks a significant milestone for the company, its customers and partners.

i-flex will make its wide range of products and services available to financial services firms in the region. The companys offerings include fully configured universal banking and point product solutions as well as custom developed applications, consulting services and offshore development facilities.

The depth of our offerings coupled with our developers and consultants domain expertise and inherent understanding of the challenges facing financial institutions in todays market provide us with an unique position as we enter the North American market," commented R. Ravisankar, 'Shanx, CEO, International Operations and Technology at i-flex. We have provided the most demanding financial institutions in the world with solutions since 1992; our products and services have ranked among the top in the industry by worldwide research firms."    

Company Offerings

As a result of this launch, financial institutions in North America will now be able to benefit from the companys full array of products, services and domain expertise that address the range of IT requirements including:
·   FLEXCUBE, i-flexs Universal Banking Solution, which has been successfully deployed across over 40 countries in the US, Europe, Africa, the Middle East and Asia. The company recently announced FLEXCUBE's 100th customer, ABSA Bank in South Africa.
·   FLEXCUBE @ for internet banking and brokerage
·   FLEXCUBE Information Center for Business Intelligence and data warehousing
·   FLEXCUBE Investor Services for Mutual Fund Companies
·   PrimeSourcingTM, the companys complete portfolio of off-shore development capabilities, and technology deployment and management services are also available to the firms full range of customers including asset management companies, capital markets firms, insurance companies, as well as commercial and consumer banks.
·   i-flex Consulting provides comprehensive assistance for system integration, business and technology strategy development and process and quality implementation.

With nine years of success building on-time and on-budget solutions, PrimeSourcing, has helped financial institutions establish and maintain competitive advantage by speeding their time to market and reducing costs and risks through off-shore development centers. PrimeSourcing also encompasses the delivery of customized solutions through i-flexs Centers of Excellence, which develop customer specific solutions for Payments, Insurance, e-services, Integration Services, Customer Relationship Management and Business Intelligence.

The companys offerings are designed to deliver complex solutions in a cost effective manner to financial institutions competing in an increasingly challenging market. i-flexs expertise in financial services provide a total solution with a proven track record in managing global implementations among the industrys leading institutions.

i-flex prides itself on the unique set of value propositions that it holds out to the FSI community -- extra-ordinary depth of FSI domain knowledge, fully integrated suite of both universal banking and point product solutions, and the capacity to deliver the highest calibre of consulting services, systems integration and off-shore development. Given the global reach and installed base of the firm, as well as its balanced set of products and services, i-flex has crafted for itself a place that few other vendors occupy.

i-flex is an SEI CMM Level 5 company currently employing more than 2,000 professionals around the world. The North American operations will be led by seasoned industry experts with more than 100 years of combined experience in the financial services and technology industries.
·   Rajesh Hukku, chairman and managing director will oversee operations and company direction
·   R. Ravisankar, CEO of International Operations and Technology, will be responsible for leading the company through its expansion in the region
·   Cafo Boga, chief operations officer, will look after the infrastructure and financial well-being of the company
·   Dennis Roman, chief marketing officer, will lead all marketing, channel management, and communication efforts for North America

The company will be headquartered in New York City with regional offices in San Francisco, CA; Boston, MA; and Parsippany, NJ.

i-flex also has an extensive list of global partners including Accenture, Compaq, Hewlett Packard, IBM, Intel, Microsoft, Oracle and Sun Microsystems that provide i-flex with extensive market reach and access to enhanced business opportunities worldwide.

In a separate press release today, i-flex announced the implementation of its solutions at The American Stock Exchangeâ (Amexâ). i-flex has partnered with Amex to develop the companys Members Tracking Systems and Ticker Plant software as well as to manage www.amex.com and www.amextrader.com.    ;

In a separate press release on January 22, i-flex announced its choice by Citibank to deploy the FLEXCUBE enterprise banking solution for its global corporate banking businesses in 100 countries. Eleven Citibank countries have already been converted and are in production. In addition, i-flex has been delivering superior consulting services to Citibank in the USA for many years across a wide spectrum of solutions including many diverse data warehousing projects.
For more information about i-flex inc. please contact 973-394-9007.

About i-flex

i-flex is a world leader in IT solutions for the financial services industry. i-flex enables financial institutions to cut costs, respond rapidly to market needs, enhance customer service levels, and mitigate risk, through its suite of proven products and services.

i-flexs portfolio of offerings for the global financial services industry is truly comprehensive, comprising the FLEXCUBE product suite for consumer, corporate, investment and internet banking, asset management, and investor servicing; as well as offshore development and consulting services, focusing on areas of strategic importance to financial institutions. i-flex has provided IT solutions and services to more than 300 financial institutions in over 80 countries.

i-flexs flagship product, FLEXCUBE has been adopted by more than 100 customers worldwide, within just four years of its launch. FLEXCUBE has been ranked among the worlds top two largest selling wholesale back-office banking systems in the International Banking Systems (IBS) UK Sales League Tables for 1999 and 2000. FLEXCUBE first achieved this ranking in 1999 within two years of its launch. FLEXCUBE has also been ranked among the top three retail back office banking systems by the London based Retail Banking Systems (RBS) for the year 2000.

i-flex also offers financial institutions customized solutions through its domain and technology Centers of Excellence, which encompass areas such as Business Intelligence, CRM, e-services, Integration Services, Insurance and Payment Systems. i-flex draws on its rich functional and technology expertise to offer strategic and business consulting through i-flex Consulting, its consulting division.

i-flex is an SEI-CMM Level 5 company, and employs more than 2000 professionals. i-flex has a strong global presence, with 12 customer support centers, 3 subsidiaries (i-flex solutions, inc. in the US, i-flex solutions bv in the Netherlands, and i-flex solutions pte ltd in Singapore) and sales offices around the world. In addition, i-flex has representation in 45 countries through 30 business partners. i-flex also has strong alliance relationships with industry leaders including Accenture, Compaq, Hewlett Packard, IBM, Intel, Microsoft, Oracle, and Sun Microsystems.

More information on i-flexs products and services is available at www.iflexsolutions.com