Federal Home Loan Bank of New York Selects FLEXCUBE



    NEW YORK, April 5 /CNW/ -- i-flex(R) solutions, a leading provider of
technology solutions to the global banking and financial services industry
announced today that Federal Home Loan Bank of New York (FHLBNY) -- a
congressionally chartered, wholesale bank set up in 1932, managing assets over
USD 81.7 billion and servicing over 300 financial institutions in New Jersey,
New York, Puerto Rico, and the U.S. Virgin Islands -- selected FLEXCUBE(R) as
part of its current technology strategy. FLEXCUBE's core modules will be
implemented to automate FHLBNY's Demand Deposit Account (DDA) portfolio of
member financial institutions.
    FLEXCUBE will replace the current DDA application later this year.
Commenting on the choice of FLEXCUBE, FHLBNY's Vice President of Deposit
Services, John Surre said, "I am impressed with the compelling value provided
by FLEXCUBE's modern architecture. The system is very flexible and meets the
bank's requirements. In addition, the company has an excellent track record of
successful system implementations. We are confident that the choice of
FLEXCUBE provides the bank with opportunities to further enhance our operation
over time."
    Speaking on this win, R. Ravisankar, CEO, International Operations and
Business Development, said "We see the partnership with the Federal Home Loan
Bank of New York as a strategic one in addressing their growth and competitive
advantage. There are similar banks in the United States who could leverage the
learning from this program and partnership to replace their existing
applications."

    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 720
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.
Oracle holds a majority stake in i-flex solutions. This strategic relationship
provides financial institutions around the world with an unmatched,
comprehensive and integrated suite of solutions.

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

    About Federal Home Loan Bank
    The Federal Home Loan Bank of New York is a congressionally chartered,
wholesale bank. It is part of the Federal Home Loan Bank System, a national
wholesale banking network of 12 regional, stockholder-owned banks. The FHLB of
New York currently serves over 300 financial institutions in New Jersey, New
York, Puerto Rico, and the U.S. Virgin Islands. The mission of the Federal
Home Loan Banks is to support the efforts of local members to help provide
financing for America's homebuyers.
    For more information, please visit: http://www.fhlbny.com

    For more information on the press release, please contact:
    Sunil Robert
    i-flex solutions
    Tel: +1-646-619-5482
    Mobile: +1-646-642-3690
    Email: Sunil.robert@iflexsolutions.com





For further information:

For further information: Sunil Robert of i-flex solutions,
+1-646-619-5482, Mobile, +1-646-642-3690, Sunil.robert@iflexsolutions.com; Web
Site: http://www.iflexsolutions.com, http://www.fhlbny.com

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