Guangdong Rural Credit Union, China (GDRCU) goes live on TCS BaNCS Core Banking
Beijing, China / Mumbai, India, December 21, 2009: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that Guangdong Rural Credit Union (GDRCU), the largest provincial credit union in China, has successfully gone live with TCS BaNCS Core Banking solution.
Zhang Xuejun, General Manager of IT Consolidation Office, GDRCU said "TCS BaNCS new generation core banking system will definitely assist GDRCU to drive financial product innovation, improve risk prevention and strengthen revenue growth. TCS BaNCS system has taken a strong position to support China’s financial business market and is totally adaptable to China’s domestic banking requirements. GDRCU has made the right choice to select TCS BaNCS advanced core banking solution."
Brent Zhu, Head, TCS Financial Solutions, China, commenting on the occasion said "GDRCU is the third financial institution in China that has gone live with TCS BaNCS core banking solution. TCS' skilled team of local and international IT transformation experts implemented this project in a span of 24 months. With a proven Chinese interface and outstanding processing performance, TCS BaNCS core banking solution is the tried and trusted leader in the market."
TCS BaNCS Core Banking is an integrated solution that automates all aspects of core banking operations across entities, languages and currencies. TCS BaNCS Core Banking combines front, middle and back-office processes in real-time, providing timely and actionable information about customer relationships. The system covers a variety of financial products including savings accounts, checking accounts, overdraft accounts, term deposit accounts and a variety of lending products including personal loans, corporate loans and mortgages. In addition, TCS BaNCS Core Banking covers a range of transactional services incorporating remittances, foreign exchange, drafts, bank cheques, cards and trade finance. These services are accessible through multiple channels, from the branch to the call center, mobile banking and the internet.
TCS BaNCS recently debuted as a Leader in the Forrester Wave™ Global Banking Platforms, Q1 2009. TCS BaNCS was also placed in the Leaders Quadrant in a Leading Industry Analyst Firm’s International Retail Core Banking 2009 Report. IDC, an Independent Analyst firm, also ranked TCS BaNCS as the number 1 technology provider and market leader in China for the third consecutive year in 2008.
About Guangdong Rural Credit Union (GDRCU)
Guangdong Rural Credit Union is the biggest provincial rural credit union in China, and also is a financial institution with largest number of business branches and widest services in the province, holding 6686 service branch and 57 thousand employees. By the end of Nov 2009, its deposit balance reached over 700 billion yuan, which ranked as the third place by regarding deposit volume in the financial institutions within the province and its loan balance is over 400 billion yuan ranked the second place regarding loan volume in the financial institutions within the province. By the end of 2008, Guangdong Rural Credit Cooperative realized 4.861 billion yuan account profit. Its loan for farmer, rural economic organization loan together with rural industry and commercial loan had reached 221.88 billion yuan, which accounts for about 85% of that type of financial institution loan of the province. GDRCC had played magnificent importance in supporting policy of "agriculture, farmer and village" and county economic development, and becomes a major financial force in building a new socialist countryside. Since the establishment of GDRCU and the deepening transform of rural credit union mechanism, GDRCC is entering into a new period of development in all-around way, with fast speed and sustainability, and it definitely will make new contribution in building a new socialist countryside in Guangdong province. For more information, please visit www.gdrcu.com
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 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, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services 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 140,000 of the world's best trained IT consultants in 42 countries. The company generated consolidated revenues of US $6 billion for fiscal year ended 31 March 2009 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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