Mumbai|Amsterdam, May 3, 2011: TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that it will provide ABN AMRO Clearing Bank NV with TCS BaNCS integrated Custody, Cash and Corporate Actions solution as part of a modernization program to replace its legacy infrastructure.
Andrej Bolkovic, Global Chief Information Officer, ABN AMRO Clearing, commented, “This project will significantly lower our maintenance and IT-related costs. TCS BaNCS not only meets our needs from a functionality perspective but also supports and enhances our operation’s capabilities in a rapid and ever changing business environment.”
NG Subramaniam, President, TCS Financial Solutions, said, “The ideal promise of technology is the harnessing of the benefits while keeping the cost low. We are glad to be chosen by ABN AMRO Clearing to be a part of their extensive modernization program. TCS BaNCS is increasingly seen as a platform of choice that delivers multiple business benefits like ease of operations, while significantly lowering the cost.”
TCS BaNCS will help streamline ABN AMRO Clearing’s operations across multiple markets and regions, enhance efficiency and reduce maintenance costs. The deployment of the integrated Custody, Cash and Corporate Actions solution will be accomplished within the next 14 months.
“Reducing the overall operational complexity, while ensuring customer-centric processes and offerings are the key challenges for European banks. They are looking for IT solutions that can seamlessly integrate front and back offices and TCS BaNCS is clearly among the solutions that can support this evolution,” says Axel Pierron, Banking Analyst, Celent, a leading research firm.
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 will drive growth, reduce costs, mitigate risk and offer a 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 deliver 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, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model (GNDM™), recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 198,500 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
TCS Financial Solutions Media Contacts:
Phone: +61 (2) 9318 1088
Phone: +1732 331 3084
Europe / UK:
Phone: +41 44 832 47 04
India / Middle East and Africa:
Phone: +91 80 6725 6963
TCS Media Contacts:
Phone: +91 22 6778 9999
Phone: +91 22 6778 9077
Europe / UK:
Phone: +32 22821927
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