Commonwealth Bank goes live with TCS BaNCS in India
Mumbai, October 27, 2010: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading IT services, business solutions and outsourcing organization, announced today 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 India-ready “bank-in-a-box” solution to provide trade finance, remittance and foreign exchange services to organizations that trade between Australia and India. The solution also supports the bank’s services to its Non-Resident Indian (NRI) client base with remittance and investment needs in India.
David Boyle, CIO, International Financial Services, Commonwealth Bank said, “CBA was looking for an India-ready IT solution that could be delivered quickly in a country where CBA had no existing IT team. 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.”
“We are glad to announce that Commonwealth Bank has gone live with TCS BaNCS banking solution supporting their first branch in India,” said NG Subramaniam, President, TCS Financial Solutions. “TCS BaNCS is the number one banking solution in India. Our track record enabled Commonwealth Bank to select a tried and trusted banking platform. TCS will continue to assist the Commonwealth Bank to deliver a real-time, customer-centric experience to all its esteemed customers.”
The Commonwealth Bank gained its banking licence in June 2009 in India and went live in April 2010 before the full branch opening in August 2010 with a comprehensive “bank-in-a-box” solution provided by TCS. The integrated solution is based on the TCS BaNCS Banking Platform, Managed Infrastructure and Network Services and provides a “one-stop,” full-service solution for all banking segments on one platform. TCS used its integrated and collaborative Program Management framework to work with the spectrum of stakeholders in India and Australia to achieve the successful outcome.
About TCS BaNCS Core Banking
TCS BaNCS Banking solution is a fully 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. This multichannel, multilingual and multicurrency system allows 24/7 real time, event-driven transaction processing and reporting, which results in substantially lower hardware and integration costs. TCS BaNCS Banking solution offers the world’s leading banks with the opportunity to maximize efficiency and minimize risk through its advanced business application technology.
About Commonwealth Bank
The Commonwealth Bank (the Group) is Australia’s leading provider of integrated financial services including retail banking, premium banking, business banking, institutional banking, funds management, superannuation, insurance, investment and share broking products and services. The Group is one of the largest listed companies on the Australian Stock Exchange and is included in the Morgan Stanley Capital Global Index. The Commonwealth Bank Group provides a full range of retail banking services including home loans, credit cards, personal loans, transaction accounts, and demand and term deposits through its Commonwealth Bank and Bankwest brands. The Group has leading domestic market shares in home loans, personal loans, retail deposits and discount stockbroking and is one of Australia’s largest credit card issuers. The Group also offers a full range of commercial products including business loans, equipment and trade finance, and rural and agribusiness products. The Group serves corporations, government entities and other major institutions operating in Australasia. Corporate customers have access to financial markets services, securities underwriting, trading and distribution, corporate finance, equities, payments and transaction services, investment management and custody services. It also has a growing international presence through the following:
- Retail banks in New Zealand (ASB) and Indonesia (Commonwealth Bank Indonesia)
- Banking investments in China (20% in both Qilu Bank and Bank of Hangzhou) and Vietnam (15% in VIB)
- Life insurance operations in New Zealand (Sovereign), Indonesia (Commonwealth Life) and a joint venture in China (BoCommLife)
- Banking branches in London, New York, Tokyo, Hong Kong SAR, Shanghai, Singapore, Auckland, Ho Chi Minh City and Mumbai
- Representative offices in Beijing and Hanoi
For more information, please visit www.cba.com.au.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best-of-breed solutions that drive growth, reduce costs, mitigate risk and offer faster speed-to-market for our clients. With a global customer base of more than 240+ institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 300,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $13.4 billion for year ended March 31, 2014 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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