The alliance will combine the business and IT architecture of IBM in banks, banking-specific application solutions from Oracle, and core banking and risk solutions from i-flex. This combination can help banks to integrate market-leading solutions in CRM, core transaction processing, risk, analytics in their operations.

Through this alliance, the three companies will hope to rapidly configure, bundle, and price product offerings to respond to market opportunities and leverage the terabytes of information about clients and markets to manage risk, ensure compliance and define profitability.

The companies announced the launch of i-flex's retail banking product, Flexcube, on the IBM System z mainframe platform. Under the banking alliance, IBM plans to expand its services with Oracle and i-flex to help ensure integration and support for IBM platforms.

"The collaboration represents a unique combination of leading companies to provide a comprehensive and total solution for top tier banks to migrate to the integrated banking applications and platforms of the future," said R Ravisankar, CEO, international operations and business development, i-flex Solutions.

"IBM's proven ability to manage complex systems integration, their experience i-flex applications and phased and evolutionary migration will ensure minimal disruption risk," Ravisankar added.