PostFinance, Switzerland, a flagship customer of TCS BaNCS running core banking, payments, equities and fund order management components from the product suite, was in the midst of implementing critical evolutions from TCS BaNCS just when the global pandemic hit and national lockdowns were enforced almost overnight.
Leveraging the TCS’ Secure Borderless Workspaces initiative SBWS infrastructure and PostFinance’s own remote working processes, TCS and PostFinance teams continued to work closely without disruption.
In May 2020, the TCS BaNCS team introduced new features ranging from investment products to Smart Order Routing (SOR), allowing the bank to route orders to the right exchange, offering the best execution price for its customers. This was followed by another critical evolution in July 2020, when the bank was able to launch the QR-Bill project with the aim of modernizing payment transactions in Switzerland on time. The QR-bill is intended to replace multiplicity of payment slips in the country, thereby increasing efficiency and simplifying payment traffic.
And most prominently, the bank has been running a mission-critical project to upgrade the TCS BaNCS Global Banking Platform for its core banking components, which was set to be completed in October 2020. With continuous support from TCS BaNCS teams in Switzerland and India, the project went off successfully as per the plan in the third week of October 2020.