Finance

Finance

FLEXCUBE deployed in International Bank of Azerbaijan

06 January 2009 15:14 (UTC +04:00)

Baku. Aynur Veliyeva â€“ APA-Economics. India-based i-Flex Solutions Limited has deployed FLEXCUBE system in International Bank of Azerbaijan in accordance a core-banking platform agreement, the bank told APA-ECONOMICS.
FLEXCUBE, as a banking transaction processing application suite for a variety of market segments including general banking, corporate banking, wealth management, mutual funds, brokerages and syndicated lending, has some advantages.
One of several advantages of the new application is real-time updates of deposit and withdrawal data at ATMâ€™s, which will improve customer service. FLEXCUBE also provides reduced total cost of ownership, a fast deployment time for new products and sales channel strategies, as well as high flexibility and scalability.
The solution helps banks meet the challenge of managing higher volumes, intense competition and increased customer expectations.
FLEXCUBE streamlines banking business processes, tracks and administers complex transactions, and improves customer service with custom processes designed for servicing a variety of financial services customers.
Along with Flexcube, International Bank of Azerbaijan will so far use Midas software installed in 1995.
i-flexÂ® solutions, majority owned by Oracle, is a world leader in providing IT solutions to the financial services industry, with more than 790 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.
As Azerbaijanâ€™s and the regionâ€™s largest bank, the International Bank of Azerbaijan with a governmentâ€™s 50.2% stake is owned by the bank staff (10%) and private shareholders (40%).
As of October 1, assets stood at AZN 4 208.654 million, loan portfolio at AZN 2 631.728 million, deposit portfolio at AZN 2 367.476 million, total capital at AZN 328.794 million and authorized capital at AZN 130.078 million.