SunTrust Banks Inc. of Atlanta has agreed to use Basel II compliance software from i-flex solutions ltd., a Mumbai core processing software provider that is majority-owned by Oracle Corp. of Redwood City, Calif.
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SunTrust will use the Reveleus Basel II Solution, which provides risk management coverage for consumer, commercial, mortgage, private banking, and capital markets operations, i-flex said Thursday.
"This is an important initiative for SunTrust as we move towards increasing sophistication in our risk and performance management practices," Mark Chancy, SunTrust's chief financial officer, said in an i-flex press release.
Oracle acquired 43% of i-flex in November 2005, and has since expanded its stake to 83% of the company.
