IBM and I-flex Team for Retail Banking

IBM and I-flex, a financial services developer, will jointly create software that will enable banks to replace their core legacy infrastructure.

At the Retail Delivery Show in New Orleans this week IBM and I-flex Solutions Inc. announced today a partnership that will result in a modern banking platform for banks, officials said.

IBM, of Armonk, New York, and I-flex, a financial services software developer, will jointly develop and market replacement software that will enable banks to replace their core legacy infrastructure with an upgraded platform.

Under the terms of the agreement, New York-based I-flex will make its Flexcube for Retail Banking software available in a phased rollout. I-flex will use IBMs WebSphere Internet Infrastructure as its underlying platform, and Flexcube will also be available on Big Blues DB2 database.

Flexcube is the companys universal banking software geared toward retail, corporate and investment banks. It has three components: Reveleus, Flexcube @ and Flexcube Investor Services.

Reveleus is described as a single package that integrates data storage, design and access tools into for information management. Flexcube @ is geared toward providing online trading services to brokerage firms, and Investor Services automates the transaction processing, registry and transfer agency functions for mutual fund companies.

The Flexcube Retail Banking software with an underlying IBM infrastructure will be available in the third quarter of 2004. The companies will also offer other parts of the Flexcube product suite on the IBM platform, though officials didnt offer which products those would be.

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