i-flex Puts FLEXCUBE On Linux
Core Banking Solution (CBS) FLEXCUBE, developed by i-flex solutions will now be available on the Linux platform, in a move that is likely to lend a major thrust to the Open Source movement in the banking segment in India.
Speaking to CXOtoday, Rakesh Khanna, head-product marketing & co-head-corporate marketing, i-flex solutions said, “The driver for this move is the demand from two distinct segments of IT users in BFSI; namely those forming the emerging market (for e.g. India, south American, African and even European countries), and those comprising the advanced market (large banks already with huge IT infrastructure).”
According to Khanna, there is a clear trend among the users in emerging markets to move all their applications on the Linux platform, while users in advanced markets would experiment the usage of Linux in the less-risky sphere of database server where volume involved is as high as the cost.
This is where enterprises stand to gain by reduction of Total Cost of Ownership (TCO) by 15-20% per year over a period of four to five years.
i-flex plans to accelerate its Linux based deployments to meet the increasing customer demand for such solutions. Speculations are rife that with this move i-flex would gain a sizable share in the domestic BFSI vertical. The fact that the other leading Indian CBS brands such as Finacle from Infosys is still not on Linux would add credence to the assumption.
The CBS has been tested successfully on both Red Hat as well as SuSe Linux. Khanna adds, “On the HP/Unix platform the CBS has achieved a performance benchmark of 7546 transactions per second which is the fastest ever, while handling forty million accounts. The tests were conducted at the IBM Labs in Cupertino, USA.”
i-flex, already has the leading market share for CBS in Europe and America. So, is it time that the focus should shift to India?
Khanna replied, “We have major wins already in India and more are following through. But, we are not done with the international market yet. In fact, huge demand is now coming from those continents to address the next level of banking there. In this sense, our offerings over a period of time would address all aspects of banking technology. We are reaching that stage of being regarded as the Wal Mart of Banking technology.”
Among the recent banks in India to go for FLEXCUBE are YES Bank, Karoor Vyasa Bank, Kotak Mahindra to name a few.
The West is gradually getting into the branchless banking mode, a stage that is around half a decade away in the Indian subcontinent, concluded Khanna.
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