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First Magnus Selects i-flex solutions for Retail Core Banking

Win marks i-flex's FLEXCUBE Expansion into Full-Service U.S. Retail Banking Market

MUMBAI, India, Nov. 16 /PRNewswire-FirstCall/ -- i-flex(R) solutions, a leading provider of technology solutions to the global financial services industry, announced today that First Magnus Federal Bank (FMFB) - in organization, has become the first United States retail bank to opt for i- flex's FLEXCUBE(R) for its complete banking platform. FMFB will be the federal savings bank affiliate of First Magnus Financial Corporation, one of the nation's leading mortgage companies.

"After a most rigorous evaluation process, we selected FLEXCUBE because it met our objectives to future-proof our systems with a state-of-the-art, end- to-end core banking solution that is both feature rich and highly flexible based upon our current and projected business needs," said Arnold Aros, CEO of First Magnus Federal Bank - in organization. "This implementation will not only help us enhance our customer service levels but enable cross-selling opportunities. Faster time-to-market for new product launches, enhanced MIS and ad-hoc reporting capabilities are some of the other benefits this solution brings to the table."

The solution provides FMFB with seamless integration of Oracle's PeopleSoft CRM, which will deliver sales, marketing and customer service capabilities with FLEXCUBE providing full support for core banking and integration with all delivery channels, bill payment, item processing and business intelligence.

"We are pleased to provide FMFB with a core banking solution that is functionally robust and cost effective," said R. Ravisankar, CEO, International Operations and Business Development of i-flex solutions. "In addition to greater agility, FLEXCUBE will empower the bank to offer better customer service, and enable the bank to aggressively compete with much larger institutions."

"First Magnus showcases the value which i-flex and Oracle can bring to a customer," said Andrea Klein, VP, Financial Services Industry Strategy and Solutions of Oracle Corporation. "A complete customer view, integrated with all products and services supplied by the bank, delivers a personal approach that differentiates the bank."

About First Magnus

First Magnus Financial Corporation, one of the nation's largest, privately held mortgage companies, is located in Tucson, Arizona. First Magnus Federal Bank, in organization, will be a federal savings bank focusing on regional banking needs in Arizona. The bank will be a full-service retail organization with services being delivered through multiple delivery channels.

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 595 customers in over 115 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. For information, please visit: http://www.iflexsolutions.com/ i-flex and FLEXCUBE are registered trademarks of i-flex solutions. All company and product names are trademarks of the respective companies with which they are associated.

i-flex solutions

CONTACT: INDIA: Eapen Thomas, +91-22-2823-5190, ext. 5132, Fax: +91-22-
2836-3140, [email protected], or Ramya B S, +91-80-2208-7340,
Fax: +91-80-2534-5090, or +91-80-5666-5271, [email protected], APAC:
Parvez Ahmad, +65-6238-1900, ext. 212, Fax: +65-6238-1282,
[email protected], NORTH AMERICA & LATIN AMERICA: Penney
Richardson, +1-415-771-8106, [email protected], or Hugo
Gordillo, +1-646-619-5402, or EUROPE: Sunil Robert, +44-207-5314-424, Mobile:
+44-783-4461-271, [email protected]; or Zarina Hodiwalla of
Adfactors PR Pvt. Ltd., Mumbai, +91-22-2281-3565, Mobile: +91-98-2040-0174,
[email protected]

Web site: http://www.iflexsolutions.com/

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