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Banking
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Banking on purpose-led ecosystems
TCS’ solutions help banks and FIs push traditional boundaries and build cognitive banking enterprises for better value, resilience, and inclusivity. Learn more.
Related InsightsWith innovation & digitization bringing in new opportunities, banks must adopt a boundaryless approach to drive sustainable growth & better customer engagement.White Paper06 Sep 2022As borrowers go online for their financial needs, read how open banking solutions & machine learning techniques help transform the mortgage sector & improve CX.White Paper16 Aug 2022Our solution helps FIs accurately calculate financed emissions to ensure reduced GHG emissions, avoid the impacts of climate change, and achieve net zero goals.White Paper10 Oct 2023 -
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Reinventing the Insurance Industry with a Digital-first Strategy
TCS’ solutions, powered by AI and automation technologies, help leverage partner ecosystems and drive innovation in insurance for business agility and growth.
Related InsightsAs customers opt for digital self-service, insurance firms must redesign the existing chatbots for proactive persuasion and better handling of service requests.White Paper30 Jun 2022With open banking paving the way for data sharing between financial institutions, it is now time for the insurance sector to embrace open insurance. Read more.White Paper25 Oct 2022With changing market and customer needs, the next-gen underwriting platform can help firms leverage automation and transform commercial insurance for better CX.White Paper30 Jun 2022 -
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Unlocking Exponential Future Growth in Capital Market Firms
Read how capital market firms must build trust through purpose-driven & innovative business models to weather disruptions & ensure adaptability & shock-proof growth.
Related InsightsTCS’ Wealth Advisory solution’s helps financial advisors recommend better-informed, personalized investments to clients aiding in client retention. Visit website to know more.Solution17 Aug 2022With more players exploring embedded investment, firms must evaluate trends and develop ecosystem strategies to capitalize on opportunities. Learn more.White Paper16 Feb 2023Despite regulations, crypto currencies are a popular investment portfolio. Read how banks could now ride the wave & offer custody services for digital assetsWhite Paper17 Aug 2022
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TCS BaNCS™
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TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Offering Software-as-a-Service across a stack of solutions and applications, TCS BaNCS facilitates smooth transformation in financial services and drives growth.
Related InsightsThe 15th issue of TCS BaNCS Research Journal focuses on frictionless finance, highlighting examples in corporate actions, payments journey, banking, and more.Article17 Nov 2023Zions Bancorporation executives discuss their journey with TCS BaNCS and how their decade long partnership has been successful in implementing a future core platform to stay competitive.Customer Testimonial07 Jul 2022TCS BaNCS Enterprise Payments Hub helped centralize Emirates NBD's payments processing operations, enabling innovation and better IT landscape and CX. Know more.video22 Mar 2023
Highlights
- TCS BaNCS for Reconciliations is an intelligent, centralized, and scalable solution to manage financial reconciliations end-to-end, from loading to validating, matching, and reporting.
- Coupled with a powerful cognitive reconciliations engine, enhanced data pre-processing methods, custom reporting/dashboards, APIs for integration, mobility, and online archiving, the comprehensive solution caters to the ever-evolving requirements, ranging from standard industry to client-specific stipulations across cash, security (holding and settled trades), instruction, collateral, OTC derivatives, futures, claims, and accrual reconciliations.
- Available on-premise and on cloud, TCS BaNCS for Reconciliations is a complete BPaaS offering that can help you make the transition from a capex-based multi-tiered solution to a volume-driven opex one.
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Abstract
Reconciliations is a key control function for all enterprises enabling traceability, complete audit trails, and accountability for effective risk and compliance management.
Further, with the institutionalization of reconciliations operations, enterprises today require a robust and scalable reconciliations solution that can enhance processes, reduce costs, and deliver exceptional value.
Over the years, TCS BaNCS for Reconciliations has been emboldened and enriched with a powerful cognitive reconciliation engine, enhanced data pre-processing methods, custom reporting, and APIs, making it a comprehensive, scalable, and cost-effective solution.
Challenge
With intensive scrutiny of financial transactions worldwide, mounting pressures of cost cutting and limitations of outsourcing and legacy systems, it has become imperative for organizations to have a smart and scalable solution that ensures maximum speed, accuracy, and controls in reconciliations.
Over the years, TCS BaNCS for Reconciliations has been emboldened and enriched with a powerful cognitive reconciliations engine, enhanced data pre-processing methods, custom reporting/dashboards, APIs for integration, mobility and on-line archiving. Coupled with strong cognitive operations, change management, agile execution capabilities and intelligent automation, TCS BaNCS for Reconciliations is a comprehensive, scalable, robust, and cost-effective solution.
Solution
TCS BaNCS for Reconciliations, successfully installed at multiple sites worldwide, offers a robust and centralized solution to automate reconciliation lifecycle for all transaction types and financial instruments emanating from any line of business. With its add-on components, it offers enhanced scalability, facilitates self-service for a reconciliation setup, and helps reduce external dependencies and OpEx. It also facilitates exception and workflow management with in-memory, multi-way, and ML-based matching.
Benefits
- Up to 50% faster processes and rollouts with its ML rule-prediction engine, self-service, and agile and DevOps methodologies
- 99% straight-through processing (STP) for SWIFT-based reconciliations
- End-to-end automated reconciliation process eliminating manual touchpoints, driving synergy and standardization across processes, governances, reporting, and technologies.
- Delivers 25%-35% opex savings with multi-tenancy, seamless upgrades, and resource fungibility
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TCS BaNCS for reconciliations
Enable faster speeds and lower risks in reconciliations processing.
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