CTBC Bank Taiwan Selects TCS BaNCS to Accelerate Growth and Enter New Markets
World Leading Custody, Clearing, and Settlement Platform from Tata Consultancy Services will Help CTBC Modernize its Technology and Transform Operations
TAIPEI | MUMBAI, April 5, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization announced that TCS BaNCS for Custody has been selected by Chinatrust Commercial Bank (CTBC) Taiwan to transform operations and enhance customer experience.
CTBC, a leading securities services provider in Taiwan with over US$50 billion assets under custody, selected TCS BaNCS to consolidate a fragmented IT landscape and transform its legacy systems to a modern platform. TCS BaNCS’ multi-entity, -currency, and -market capabilities spanning the complete value chain for settlements, asset servicing, cash, and pricing services on a single platform, will help CTBC standardize and integrate operations between its Taiwan and Hong Kong businesses, thereby laying a strong and sustainable foundation for future growth and expansion.
Speaking on the selection of TCS BaNCS, Frank Shih, Executive Vice-President and Group Head, CTBC, said, “With our stated aim of becoming a ‘Taiwan Champion – Asia Leader’, we have envisioned our technology program to help raise customer service experience levels to the highest global standards even as we continue to accelerate growth initiatives in the Asia Pacific (Hong Kong and Taiwan) and other markets. We chose TCS BaNCS as our preferred solution to help us deliver a seamless customer experience, maintain our leading position in Taiwan, and extend our footprint into new markets.”
“TCS BaNCS is helping customers become smarter and more agile, giving them a competitive edge in a Business 4.0TM world,” said R Vivekanand, Vice-President and Co-Head, TCS Financial Solutions. “TCS BaNCS is a global leader in the post trade custody, clearing and settlement space. The solution will future-proof CTBC’s technology roadmap, bring in the latest global standards and regional functionality for Asia, and help CTBC unify heterogeneous markets.”
TCS BaNCS for Custody is offered both on premise and on the cloud in SaaS models. Designed on a layered architecture, the product comes with features like real-time processing and APIs. Cognitive innovations in the product include chat bots, AI, analytics (self-healing solutions based on predictive models), and digital dashboards. The solution is also augmented by a digital information extraction toolkit utilizing NLP that can help mine information from documents to capture corporate action announcements and proxy voting.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of it, business & technology services, and engineering. This is delivered through its unique location independent agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 417,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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TCS Financial Solutions Media Contacts:
Dennis Roman, Global Head – Products & Platforms Marketing
Phone: +1 561 865 3339
Anjana Srikanth – Head, Marketing, TCS Financial Solutions
Phone: +91 8067256963
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