i-flex® solutions (Reuters: IFLX.BO/IFLX.NS), a leading provider of technology solutions to the global financial services industry and Bank SNORAS, a leader in the retail banking sector in Lithuania, announced today that:

Bank SNORAS has chosen FLEXCUBE Universal Banking release 10.0 as the core banking solution for managing business processes and services in the Bank SNORAS group. Bank SNORAS has the largest client services network (250 client services offices) in Lithuania and every third Lithuanian uses its services. Bank SNORAS directly manages Latvijas Krâjbanka, one of the largest banks in Latvia in terms of the size of its customer service network, a branch in Estonia, representative offices in Belgium, Czech Republic, Latvia, Ukraine and Belarus. Bank SNORAS will implement FLEXCUBE in its domestic operations, its affiliate Latvijas Krâjbanka and in the foreign branches of the group.

Bank SNORAS chose i-flex solutions, majority owned by Oracle, the world’s largest enterprise software company, as its partner for banking technology. i-flex is a leader in IT solutions for the financial services industry with more than 825 customers in over 130 countries.

FLEXCUBE will enable Bank SNORAS to centralize and standardize business processes within the group. This will help speed up the development and introduction of new services to clients, identify and solve problems related to business processes and reduce their costs.

Supporting quotes:

“As the Bank SNORAS group expands in Europe and beyond its boundaries, it is extremely important that all processes for group companies that provide banking services be regulated by one united core banking application. With FLEXCUBE we will have access to the best banking experience and skills which will help us increase the sophistication of our banking models and optimize customer service,” said Raimondas Baranauskas, the President of Bank SNORAS.

“We will be able to provide services of higher quality and more quickly to our customers. As the information about clients will be kept in a centralized database, it will be possible to service the client wherever he goes – it is highly important while living in the mobile and global world,” stated Þorþas Ðarafanovièius, Deputy Chairman of the Board of Bank SNORAS and Director of Bank SNORAS Business Development Division.

“We are pleased to work with Bank SNORAS as it expands to meet the challenges of a multi-country roll out in the region. We are glad to assist the team at Bank SNORAS and share our experience in enabling new business in the EU,” said Kishore Kapoor, Senior Vice-President and Head of Global Sales at i-flex solutions.

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