TCS BaNCS Customer Newsletter 33

Highlights

TCS BaNCS Customer Newsletter 33

The 33rd edition of the TCS BaNCS Customer Newsletter highlights several trusted partnerships and insights from our solution experts and SMEs. 

The newsletter features:

• Emirates NBD, a leading financial services group in the MENAT began a large-scale transformation program across its entire operations. Emirates NBD’s vision was to create a centralized payments system to transform payments processing across all its entities in six countries and to standardize processes for payments. Emirates NBD assessed multiple payments systems and TCS BaNCS for Payments checked all the boxes for Emirates NBD to successfully reach the objective of transforming the way payments are processed today in the bank. TCS BaNCS enabled Emirates NBD to centralize multi-entity, multi-currency and multi-channel payments on a single platform.

• Old Mutual is South Africa's first mutual life assurance society employs over 30,000 people and operates in 14 countries across Africa and Asia. As a part of its strategic initiatives, Old Mutual is launching a new line of savings and Income products and TCS BaNCS was selected as its delivery partner for the program. The insurer piloted its new insurance platform based on TCS BaNCS for Insurance, prior to a complete go-live in 2021. Building on a three year long working partnership, TCS BaNCS seamlessly carried out this challenging transformation across 24 insurance products. 

• Standard Chartered Bank offers banking services across Asia, Africa, Europe, the Americas, and the Middle East. The bank is present in 59 markets and serves clients in a further 85. To further their innovation agenda, the bank decided to bring in enhancements to their data management and cloud architecture, which required the creation of a set of comprehensive APIs. To facilitate this, Standard Chartered needed to unify its implementations of TCS BaNCS for Custody and Corporate Actions platforms. With 70 percentage of its markets currently operating on the new integrated platform, the project marked a major milestone in the bank’s cloud-first journey, providing a strong and scalable core banking platform, enhanced customer service, ISO 20022 support and cloud-native capabilities.

• CTBC Bank, Taiwan sought to modernize its technology architecture to tackle the limitations of its legacy system, leading to duplication, inefficiency, and time-consuming customizations for regulatory changes. It also intended to address the securities custody needs of institutional customers. With an evaluation period spanning two years, the bank considered fourteen vendors and finally selected TCS BaNCS Global Securities and Investments Platform. The deployment involved multiple TCS BaNCS solutions including Corporate Actions, Reconciliation, Fund Accounting, End-user Reporting, and Digital solutions.

• Magma HDI General Insurance: TCS BaNCS has a longstanding relationship with Magma HDI from 2012, when they selected TCS BaNCS for Insurance as their core insurance platform. Magma HDI has deployed TCS BaNCS for Property & Casualty Insurance’s functional modules for quotation, underwriting, policy issuance, policy servicing, claims, reinsurance, correspondence, and finance and accounting services to support multiple lines of business. To facilitate a quick go-to-market strategy and enhanced profitability, Magma HDI decided to deploy a modern core insurance platform and a faster full-service approach, with TCS BaNCS as their solution partner. TCS BaNCS is supporting Magma HDI towards their vision of a low-touch, AI-driven claims processing with their new launched claims adjudication platform MAGIC (Magma-HDI General Insurance Claim).