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PRESS RELEASE
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Mumbai, April 20, 2010: TCS Financial Solutions, a 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, reaffirmed its 20-year commitment to the Middle East and African region with the announcement of the TCS BaNCS Universal Financial Services platform. More than 35 customers across MEA have deployed the TCS BaNCS Universal Financial Services platform, a new solution for capital markets and banking. More than ten banks, three leading brokerage and asset management firms, three of the seven leading depositories and four top insurance firms in GCC have implemented the TCS BaNCS suite.
With the region’s markets witnessing increasing consolidation amongst financial institutions, and a renewed emphasis on Service Oriented Architecture (SOA) reshaping back-office infrastructures, the TCS BaNCS universal financial services platform is an ideal, integrated solution spanning retail and Islamic banking, asset and wealth management, securities trading and processing and insurance. Built on open architecture, this component-based product suite leverages service-oriented and event-driven architectures. TCS also offers 24*7 maintenance and support through six offices spread across Dubai, Bahrain and Saudi Arabia, and three regional support centers at Dubai, Johannesburg and Mumbai.
NG Subramaniam, President, TCS Financial Solutions, said, “The Middle East and Africa region has always been a focal point for TCS. With more than 70 customers from TCS and 35 from TCS Financial Solutions, we have been the leading technology partner for financial institutions in the region. We will continue to add value to customer business through solutions that meet specific customer needs”.
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-o-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.
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 160,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of over US $6.3 billion for fiscal year ended 31 March 2010 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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