January 11, 2008 Lagos, January 11, 2008: i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of technology solutions to the global financial services industry, today announced that First Bank of Nigeria (FBN) has successfully implemented “Mantas behavior detection platform” for its Anti-Money Laundering (AML) compliance requirements in a record time of two and a half months.
Mantas, a wholly owned subsidiary of i-flex solutions, provides its clients with the industry’s most advanced solutions for regulatory compliance, loss prevention and revenue generation.
Commenting on the successful implementation of Mantas - AML solution, Mr. Tim Bolade, Head of Compliance, FBN said, “We chose Mantas as it is a proven product, and enjoys worldwide brand recognition and has an excellent implementation track record. With this choice, we were confident we have selected the very best solution to augment our efforts in combating financial crime. We worked very closely with the Mantas team to achieve this success and the entire implementation was very smooth and we could go live ahead of schedule. With the Mantas implementation, FBN is now equipped with a world class AML solution to offer safe and secure banking to its customers, while complying with the stringent regulatory framework."
S. Ramakrishnan, CEO – Mantas and Reveleus, said, "Mantas is synonymous with ease of deployment and smoothly integrates in the most complex of customer settings. This is another great proof-point of what a highly committed customer and technology partner can achieve together as a team. We are proud of the fact that the Mantas implementation at FBN has set a benchmark in the Nigerian banking industry for quick and speedy implementation. Mantas platform is scalable and can be extended to meet requirements for Anti Fraud, Trade Compliance and Broker Compliance. It comes with over 300 proven scenarios and in conjunction with Reveleus, addresses the entire gamut of Risk Management and Compliance needs of banks and financial institutions."
About i-flex solutions i-flex® solutions (Reuters: IFLX.BO and IFLX.NS), majority owned by Oracle, is a world leader in providing IT solutions to the financial services industry, with more than 775 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. i-flex and FLEXCUBE are registered trademarks of i-flex solutions. Reveleus, Daybreak, Mantas, PrimeSourcing, i-flex Consulting and iPFB 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. About First Bank of Nigeria (FBN) First Bank of Nigeria PLC or FBN Plc or the bank, was founded in 1894. The Bank has provided excellent banking services and contributed to the economic advancement and development of Nigeria for over 113 years. It occupies a pre-eminent position in the Nigerian banking industry and is one of Africa’s most diversified financial services solutions providers. The bank has over 400 branches, all on-line real time and has recorded many firsts in its distinguished history. The Bank’s vision is “to be the clear leader and Nigeria’s bank of first choice” while the mission is “to remain true to its name by providing the best financial services possible". In line with its compliance vision/mission which is to protect business growth and sustainability by ensuring compliance with both the spirit as well as the letter of all the applicable regulations whilst acting always with due skill, care and diligence, the bank went through an elaborate, painstaking vendor selection process for its AML solution and finally settled for the state-of-the-art Mantas AML solution. For more information on the press release, please contact: Anish Augustine i-flex solutions Phone: +91-80-6776 5092 Mobile: +91-98861 61222 E-mail:augustine.anish@iflexsolutions.com
