TCS BαNCS Core Banking enhances regulatory compliance requirements
New York, USA - April 30, 2008: 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 TCS BαNCS Core Banking is developing additional functionality in support of US regulatory compliance requirements.
TCS BαNCS Core Banking supports the core processing of a number of the world’s most innovative banks, providing a modern next generation banking platform that supports full lifecycle banking across multiple channels. TCS BαNCS Core Banking automates every aspect of a bank’s operating environment by integrating front, middle, and back office processes. As well as being technically efficient with substantially lower processing costs, this real-time, multilingual and multicurrency system supports 24/7, event-driven transaction processing.
TCS Financial Solutions has been investing heavily in its US compliance Financial Solutions portfolio for over a 12-month period. To improve its competitive strength, TCS Financial Solutions has now engaged with Sheshunoff Consulting + Technology to bring the US Compliance portion of TCS BαNCS Core Banking to full market readiness.
According to Robert Hunt, a Research Director in the Retail Banking Practice at TowerGroup, “Most US mid-tier and larger banks continue to process their core systems using systems developed in the 1980s. These systems have become increasingly difficult to maintain and several large banks are now considering replacing their core systems. As banks undertake the replacement effort, they will evaluate systems from both US-based and global core banking systems vendors. This evaluation must consider the ability of the systems to meet US legal and regulatory requirements. It makes perfect sense then, for leading global vendors such as TCS Financial Solutions to work with a US-based firm that has expertise in regulatory requirements to ensure their systems are fully compliant.”
“With the assistance of Sheshunoff Consulting + Technology we are developing an advanced set of regulatory compliance processes to attach to TCS BαNCS Core Banking platform,” states N. Ganapathy Subramaniam, President, TCS Financial Solutions. “This long term strategy will assist clients to minimize compliance risks and respond to regulatory compliance policies and procedures in a prompt and effective manner.”
Gabrielle Shesunoff, CEO, Sheshunoff Consulting + Technology adds: “Sheshunoff has been assisting banks throughout the US to achieve regulatory compliance and security best practice. We are delighted to be working with TCS Financial Solutions dedicated team of highly respected banking and IT practitioners to drive synergies forward with our compliance expertise and TCS BaNCS Core Banking business application.”
TCS BαNCS Core Banking also recently secured its position in the Leader’s quadrant of Gartner’s Magic Quadrant for International Retail Core Banking, 2008. In addition, the latest International Banking Systems 2007 Sales League Table recognized TCS BαNCS as the No.2 best selling Universal Banking Solution and No.3 best selling Retail/Private Banking Solution in the world.
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 BαNCS. 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 in excess of 250 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 (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 111,000 of the world's best trained IT consultants in 50 countries. The company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com
About Sheshunoff Consulting + Technology
For over 30 years, the experienced consultants at Sheshunoff Consulting + Technology have been serving a wide range of banking clients. Sheshunoff experts help banking institutions improve profitability, optimize business process, manage risk, maximize technology, meet regulatory requirements and identify their best opportunities for growth. Sheshunoff is widely recognized as a trusted advisor to the banking industry, providing institutions the tools they need to meet their business goals and improve performance.
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TCS Financial Solutions Media Contacts
Phone: +61 (2) 9318 1088
Phone: +41 44 832 10 04