Mercantile Bank goes live with TCS BaNCS for Reconciliations in eight weeks
Increases auto-match rate with 80% improvement in processing time
Mumbai, September 2, 2015: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its client, Mercantile Bank Limited in South Africa, has gone live with TCS BaNCS for nostro Reconciliations within an eight week implementation period.
Mercantile Bank started its technology modernization and harmonization program six years ago with the selection of TCS BaNCS for Core Banking in 2008, which subsequently went operational in 2010. The Bank continued to build on its strategy of moving all of its solutions onto an integrated architecture and IT platform by deploying TCS BaNCS for Treasury in 2012. With the Reconciliations solution now going operational, the Bank has a totally integrated Core, Treasury and Reconciliations solution.
Karl Kumbier, CEO of Mercantile Bank, commented on the successful implementation, “We have realized our vision of having an integrated platform with best-of-breed functionality that dramatically simplifies our technology landscape. This implementation heralds another milestone in our journey towards providing solutions that anticipate customer and market needs. With each solution from TCS BaNCS being deployed successfully at the Bank, we believe that we have not only a trusted solutions provider but a committed partner to our success in TCS BaNCS.”
N Ganapathy Subramaniam, President, TCS Financial Solutions, commented on another successful implementation of TCS BaNCS in South Africa, “With 8 of the top 10 financial institutions being powered by TCS BaNCS, we continue to remain the partner of choice for our customers in South Africa. The integrated technology ecosystem at Mercantile Bank will help set new standards for innovation. This quick implementation of TCS BaNCS for Reconciliations is a proof of how technology can accelerate go-to-market efforts.”
The deployment of TCS BaNCS for Reconciliations at Mercantile Bank was planned to be completed in 11 weeks but instead went operational in 8 weeks due to pressing needs of the Bank. With the new solution, auto-matching of the same volume of data takes a minute now compared to the previous five minutes, which is an improvement of 80% on the time taken. With a highly configurable rules engine to support auto-matching, there are 70% more transactions automatically matched off in each run, thereby, improving operational efficiencies and sharply reducing risk. Auto-matches are now configured for auto-authorization, almost eliminating manual intervention. Further, the ability to sort, search, filter and export data has gone a long way in improving the user experience for team members at the bank. The integrated solution has provided Mercantile Bank with a true, single view of its customers and products. This integrated platform can, in the future, be used by the Bank for securities and other cash reconciliations. With these three successive TCS BaNCS deployments, the Bank has further set itself on a path of growth by increasing operational efficiency, improving processing transparency, and controlling costs.
TCS BaNCS for Reconciliations is a solution that was created during a transformation program for a large investment bank in Europe. The solution supports nostro-, securities- and two-way-reconciliations and can function as a standalone application, by accepting feeds from external systems; as an integrated component of the core banking solution; as well as part of the TCS BaNCS suite in any configuration for banks worldwide.
About Mercantile Bank
Mercantile Bank Ltd. was founded in South Africa in 1965 and is 100% owned by CaixaGeral de Depósitos, the largest bank in Portugal and a global financial services group present in 23 countries and in 4 continents, with more than 139 years’ banking experience. Mercantile Bank is a niche business and commercial bank provides a comprehensive set of products and services catering for the everyday banking needs of businesses. The Bank seeks to differentiate itself through great service and a deep understanding of the needs of the South African entrepreneurs.
While Mercantile Bank operates within South Africa, it has reach into other key African markets through its parent company and its subsidiaries in Angola and Mozambique. There is an ongoing focus on capturing trade flows between these fast growing African economies.
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 drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 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, BPS,infrastructure, engineering and assurance services. This is 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 371,000 of the world’s best-trained consultants in 45 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the BSE Limited and National Stock Exchange of India Limited. For more information, visit us at www.tcs.com.
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