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PRESS RELEASE
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New solution platform to enhance agility and improve efficiency in operations
Mumbai, India | Zürich, Switzerland, June 30, 2011: TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that PostFinance Switzerland will deploy TCS BaNCS to overhaul part of its operations. The integrated banking suite comprising payments, core banking, securities processing for funds administration and compliance for fraud detection solutions will be implemented as part of PostFinance’s modernization drive to replace the current legacy payment transactions and accounts management systems.
PostFinance, the leading Swiss provider of domestic and international payment services, by deploying TCS BaNCS will enable flexible development and the adaptability to meet current and future market needs as well as regulatory requirements. The entire modernization program will be accomplished over the next four years.
Enrico Lardelli, Head of Information Technology, PostFinance, commented, “Payment services are the core business of PostFinance - with almost 900 million transactions per year, it is the number one player in the Swiss payments sector. TCS BaNCS is a modular, highly configurable system, which meets our high performance requirements. We also chose TCS BaNCS because of its best value ratio and the short migration strategy. In short, TCS BaNCS is the most attractive economic option for PostFinance.”
“Banks are increasingly turning to payment services hubs and more integrated SOA-based solutions to achieve the step-change in performance and flexibility required for large transformation projects,” said Gareth Lodge, Senior Analyst, Celent. “Whilst not without complexity in implementation – in undertaking the transformation, the bank is attempting the equivalent of simultaneous heart, brain and lung transplants whilst continuing to work! The componentized approach will ultimately simplify the way the financial institution operates in the future.”
NG Subramaniam, President, TCS Financial Solutions, said, “Our partnership with PostFinance is a good example of our value proposition where we enable growth and efficiency without disruption. Through this implementation, PostFinance will meet the varied needs of a growing and diverse customer base.”
Currently, PostFinance processes around 900 million transactions per year, and is the largest processing center, with approximately 60% of the market share in Switzerland. TCS BaNCS is a market-ready, component-based, customer-centric, real-time solution that ensures faster time-to-market for products and flexibility to integrate and support both, existing and future business. The application components to be deployed in the solution are multi-entity and multi-currency, covering accounts management, payments - domestic and international including credit transfers and direct debit along with market connectivity to domestic clearing in Switzerland, Pan European clear with SEPA and international payment on SWIFT. One of the major business drivers and critical success factors at PostFinance was the need of a trusted and strategic long-term partner, which has the experience of delivering successfully multiple large transformation programs. The TCS BaNCS solution has the capability and will support PostFinance as part of this transformation to grow its footprint as the leading provider of payment transaction services in the domestic Swiss market and other sectors of the financial service market.
PostFinance is a profitable business unit of Swiss Post. Our activities contribute significantly to the financial services market in Switzerland. In the Swiss retail market, we provide professional and personal financial services in the fields of payments, investments, financing and retirement planning. We are systematically expanding our standardized and modular services, particularly in the electronic environment. For more information, visit us at www.postfinance.ch.
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 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 deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide.
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 198,500 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 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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