The single standard allows a bank to monitor its counterparty risks globally, streamlines back office processing and reduces costs in data management.

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The big breakthrough was when Citigroup signed up I-flex to centralize its back-office processing in Europe and subsequently to roll out Flexcube in 97 countries.

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To keep growing rapidly and profitably it needs to capture some of the more sophisticated back-office jobs, such as those processing insurance claims and conducting due diligence.

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India has long since turned itself into the world's back-office subjecting paper-processing hubs such as Kansas City to the same forces of competition that devastated former industrial cities such as Gary, Indiana.

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As a Sibos speaker noted some years ago, the front office will never stop trying to devise complex new ways to make money, and it certainly will not be deterred in its quest by any potential processing problems its innovations create for the back office.

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