In 1992, the non-Citi operation’s software business was spun off into a separate company, Citicorp Information Technology Industries Ltd. (Citil), subsequently called i-flex Solutions.

With the revenue from selling Microbanker to customers in mostly Africa and later to other markets, Citil invested in developing Flexcube, their following software product.

Flexcube was very successful and claimed the top spot in the annual sales ranking by International Banking Systems, a U.K.-based industry publication, in 2002.

[6] In August 2006, i-flex Solutions acquired Mantas, a US-based anti-money laundering and compliance software company for US$122.6 million.

[13] In 2002, DotEx International Joint Venture NSE.IT and i-flex Solutions Ltd signed a memorandum of understanding (MoU) with BgSE Financials Ltd to provide Internet trading services.