HSBC Institutional Fund Services (IFS) has signed a deal with IndiaÆs i-flex solutions to enhance its transfer agency (TA) and investor servicing business across several markets in Asia and the Middle East.

The worldÆs local bank will use iûflex solutionsÆ FLEXCUBE Investor Services to handle its unit trust processing and enhance its TA transactions. Before signing the agreement with the Mumbai-based provider of technology solutions to the financial services industry, HSBC was relying on internal systems to process TA requests.

According to i-flex, the benefits to HSBC IFS will be multi-pronged. In replacing multiple legacy systems with FLEXCUBE, HSBC IFS will not only achieve a platform standardisation, but will also result in operational and cost efficiencies for the bank. Within the package, the solution will also allow HSBC IFS a level of customisation in TA transactions previously unavailable on its internal systems.

Marketed primarily to fund companies, FLEXCUBE is described by i-flex as a comprehensive multi-currency, multi-entity, multi-lingual and multi-instance TA and shareholder servicing solution. It can also automate all TA functions for a mutual fund company.

ôHSBC is a tremendous opportunity for us to showcase our comprehensive solutions and this contract has further reinforced the position of FLEXCUBE Investor Services as the leading new generation transfer agency and fund distribution solution in the global market place,ö says Kishore Kapoor, CEO, i-flex solutions.

The contract with HSBC IFS is the latest win for i-flex solutions in the regional and global TA space, with its FLEXCUBE platform now being used by 270 companies across 100 countries. Regionally, the technology provider also counts many TA clients amongst Asian banks, which the firm declined to name.

The new solution will go live in HSBC IFSÆ Singapore and then Hong Kong before deploying modules across other Asia and Middle Eastern markets.