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HFC Bank signed a contract with TCS BaNCS (a division of Tata Group, India) for the bank’s new core banking system (CBS) and digital enhancements for a total investment of $40 million.

Chairman Tom Ricketts said this was a landmark event to venture in such a large investment which would create a new banking experience for their customers.

In a statement from the bank it was stated the CBS project had been on the horizon as part of the gank’s vision and strategies to improve and enhance its digital capabilities.

The bank stated the new system had undergone a strenuous shortlisting process and would ensure impeccable operational improvements which would benefit all stakeholders, customers, and staff.

The six key areas of enhancements were said to include the core banking platform, treasury management, trade finance, financial management, new digital experience, and data warehousing.

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