i-flex Launches 'i-flex Process Framework for Banking'

i-flex Launches 'i-flex Process Framework for Banking'

September 20, 2006

Process Enabler to Transform Banking Operations, Enhance Process Efficiencies and Provide a Framework for Managing Operational Risk

    MUMBAI, India, Sept. 20 /Xinhua-PRNewswire/ --
i-flex(R) solutions (Reuters: IFLX.BO & IFLX.NS), a
leading provider of technology solutions to the global
financial services industry, announced the launch of the
"i-flex Process Framework for Banking (iPFB)," a
tool for transforming banking operations. iPFB is a
repository of processes that draws on best practices that
i-flex has developed in working with more than 660
customers in over 120 countries. 
 
    iPFB will help banks tackle one of their biggest
challenges -- improving process efficiency while
simultaneously managing operational risks by allowing them
to optimize processes using a Business Process Management
(BPM) approach. Banks can also use iPFB to control
Operational Risk and integrate diverse applications into a
common operating environment.  

    More conventional approaches to the problem only offer
process specifications that must be coded into software or
managed manually. As processes can change frequently,
keeping such processes up-to-date is extremely tedious,
time consuming and error prone. In addition, banks are
unable to centrally view and manage processes that are
implemented across geographies and often with local
variations.  Until now, banks have typically lacked a
measurement-based feedback mechanism that is essential to
manage process performance and have not had a method to
evaluate the impact of proposed changes.  

    iPFB specifically solves these problems. It offers both
business process definitions and corresponding executable
processes which are implemented using the industry-standard
Business Process Execution Language (BPEL). 

    "Banks are struggling with the challenge of
transforming their systems to achieve business agility
without risking business disruption. iPFB provides them
with the tools to implement business process improvements
without a major surgery to the supporting application and
IT infrastructure. It also provides them with a way to move
from a legacy environment to an SOA environment in a phased
manner, while managing operational risk effectively,"
says R Ravisankar, CEO International Operations and
Business Development, i-flex solutions. "Together this
adds up to immediate positive impact on the business."


    Banks using iPFB can now make every part of their
institutions as good as the best part because they can
analyze data centrally and roll out best practices across
the enterprise. It is a training enabler as it maintains
the latest process specifications in a manner that can
easily be understood by business users. In addition, iPFB
monitors risk indicators and serves as the implementation
of a Risk Control Self Assessment framework.  It also
significantly simplifies the task of making process and
control information available to regulators when required.

    The processes are organized by lines of business -- for
example, Trade Finance, Retail Lending, Treasury, Cash
Management, Wealth Management and Investment Banking -- and
are defined in a manner understandable by business users.
They are end-to-end processes crossing departmental
boundaries and are organized by functional areas such as
customer service, risk & control, execution and
marketing & management. 

    Today most financial institutions own a complex web of
siloed applications that were designed to primarily meet
departmental requirements. These same applications impose
their own opaque processes; every time banks needed to
adapt to changing market and business demands, they
implemented new applications or customized existing ones.
Banks have begun to break these applications down into a
range of services.  What has been a challenge is to knit
these services together to create an end-to-end banking
process. 

    "iPFB moves i-flex from a vendor of software to
that of system integrator and advisor to the largest of
banks," says Bart Narter, senior analyst with the
banking group at Celent LLC.

    Banks can use iPFB to accelerate their business process
management (BPM) initiatives using a battery of well proven
processes to knit together diverse applications and manual
steps.  For banks who want to begin the transition to a
process driven environment i-flex offers a range of
services including operating business model definition;
process architecture and re-design; process integration and
implementation and maintenance services.

    For information on iPFB, please visit:
http://www.iflexsolutions.com/iflex/solutions/iPFB.aspx

    About i-flex solutions
	
    i-flex(R) solutions (Reuters: IFLX.BO & IFLX.NS) is
a world leader in providing IT solutions to the financial
services industry, with more than 660 customers in over 120
countries. i-flex's range of products, custom solutions and
consulting services enable financial institutions to cut
costs, respond rapidly to market needs, enhance customer
service levels and mitigate risk. 

    i-flex and FLEXCUBE are registered trademarks of i-flex
solutions. Reveleus, Daybreak and PrimeSourcing are
trademarks of i-flex solutions and are registered in
several countries.

    All other company and product names are trademarks of
the respective companies with which they are associated. 

    For information, please visit:
http://www.iflexsolutions.com

    For more information, please contact:

     Eapen Thomas 
     i-flex solutions
     Tel:    [phone] x5132  
     Fax:    [phone]
     Email:  [e-mail]

     Shilpa Harsh
     Adfactors PR Pvt. Ltd.
     Tel:    [phone]
     Mobile: [phone]
     Email:  [e-mail]

SOURCE  i-flex solutions