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After news earlier this month that National Australia Bank had recruited Oracle to manage the roll out of the first phase of a A$1 billion overhaul of its core banking operations, it's not surprising that I-flex, majority owned by Oracle, will be providing the new core banking system.
However, The Economic Times in India reported some more detail yesterday on I-Flex's involvement. As a subset of the larger Oracle deal, I-Flex has apparently signed a five-year contract from National Australia Bank (NAB), estimated at $90 million.
Sources told the Economic Times that besides its core banking solution, i-flex will provide support activities such as professional and application management services and analytics. Its role may also include consulting.
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