Oracle & i-flex Solutions' Reveleus Announce SunTrust Banks’ Selection of Reveleus Basel II Solution

i-flex Solutions Ltd has announced that Reveleus^TM, a business of the Company and a global provider of analytical applications for the financial services industry, and Oracle on July 12, 2007 announced that SunTrust Banks, Inc one of the largest banking organizations in North America, has selected the Reveleus Basel II Solution as a central component of its planned adherence to the Basel II capital adequacy regulations. The solution will help deliver sophisticated risk management capabilities that support the needs of the business, enable risk-enlightened management and the optimal allocation of capital. The solution will span all activities of the Bank including Consumer, Commercial, Mortgage, Private Clients and Capital Markets.

This engagement is under the auspices of the strategic Basel II reseller agreement between Oracle and Reveleus and enables SunTrust to reap the benefits of the close alliance between the two organizations. Oracle is a majority owner of the Company.

The Basel Committee on Banking Supervision is an arm of Switzerland-based Bank for International Settlements, which has defined the Basel II capital adequacy requirements for global banks. One of the committee’s principal goals is to reduce risk in the financial system worldwide by aligning each bank's capital requirements to more accurately reflect its credit, market and operational risks.

Commenting on the customer win, S. Ramakrishnan - CEO of Reveleus and Mantas, said, "The Reveleus Basel II Solution, will help SunTrust to enhance its business process that deals with the complexities of risk management and capital allocation. In addition, customers like SunTrust see Reveleus as the foundation element in their Risk and Finance analytic capability strategy."

Source : Equity Bulls

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