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PRESS RELEASE
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SIBOS, Vienna – September 17th 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, today announced that Mercantile Bank, South Africa has selected TCS BaNCS Core Banking as part of its technology replacement program.
TCS BaNCS Core Banking solution enables financial institutions to drive transformation and modernize their processes and workflows with its powerful Service-Oriented Architecture. Mercantile Bank has embarked on a customer acquisition and infrastructure modernization initiative. The solution deployment is underway and is expected to deliver substantial benefits of rapidly launching new products and enhance customer experience. Mercantile Bank will deploy TCS BaNCS for its Retail Banking operations.
Commenting on the choice of solution, David Brown, CEO, Mercantile Bank said “In addition to the robust functionality and ease of deployment of TCS BaNCS, we found the implementation capability of TCS FS personnel was of the highest quality. While the scale of the product was never in doubt, we found that this solution fits the size of our operations seamlessly. We look forward to breaking into new segments by leveraging this solution.”
N. Ganapathy Subramaniam, President, TCS Financial Solutions said” As part of a larger group and as a Strategic Business unit, we are extremely committed to South Africa as it is a pivotal region for us in Africa. Mercantile Bank joins the ranks highly satisfied customers and we look forward to making it a showcase implementation in the region.
Mercantile Bank Holdings Limited is a registered bank controlling company and an investment holding company. Its holding company is Caixa Geral de Depósitos S.A. (CGD), a company registered in Portugal. Its two principal operating subsidiaries comprise: Mercantile Bank Limited and Mercantile Insurance Brokers (Proprietary) Limited
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 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. For more information, visit us at www.tcs.com/bancs
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 116,000 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.
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