TCS BaNCS to provide core banking service to Commonwealth Bank

by CXOtoday Staff    Oct 28, 2010

partnershipTata Consultancy Services (TCS), announced that the Commonwealth Bank of Australia (CBA) has gone live on TCS BaNCS Banking platform supporting its first Indian branch in Mumbai.

The Commonwealth Bank has leveraged its strategic partnership with TCS to deliver an Indian ready ‘bank in a box’ solution to provide trade finance, remittance and foreign exchange services to organisations that trade between Australia and India. The solution also supports the Bank’s services to its Non-Resident Indian client base with remittance and investment needs in India, informed the company.

David Boyle, CIO, International Financial Services, Commonwealth Bank commented, “Our partnership with TCS has enabled us to launch quickly plus the TCS BaNCS platform supports the products we need beyond basic loans and deposits including trade finance, remittance and foreign exchange services. There’s no substitute for on-time, on-budget delivery and our partnership with TCS has achieved just that.”

The solution is supposed to be a scalable, modular core banking solution which automates every aspect of a financial institution’s back, middle and front office operations in one fully integrated solution.

“We are glad to announce that Commonwealth Bank has gone live with TCS BaNCS Banking solution supporting their first branch in India,” stated N. Ganapathy Subramaniam, president, TCS Financial Solutions.