London, UK, 29th February, 2008 – 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, today announced that TCS BαNCS was 2007’s #2 best selling Universal Banking Solution and #3 Retail/Private Banking Solution in the world as awarded by International Banking Systems (IBS).
The Sales League Tables for 2007 were released by IBS Publishing in London on 28th February, 2008. Established in 1991, IBS publishes the sales leagues table, news, case studies and analysis on wholesale banking, retail banking private banking and trade finance back office systems.
TCS Financial Solutions understands the specific needs of banks requiring Universal banking as well as those requiring Retail or Private banking solutions. Its financial solution suite, TCS BαNCS, offers a solution that provides unparalleled scope, performance and scalability. TCS BαNCS is an integrated set of banking products, supporting all channels and offering a depth of functionality covering Trade, Treasury, Retail, Corporate, Payments, Wholesale, Cash Management and more.
The report states that TCS Financial Solutions had 24 new universal banking wins (which represent an 85% increase over CY 2006), and 7 new Retail/Private customers. While TCS BaNCS has even more wins and live sites than necessarily recorded by IBS, this ranking alone is confirmation on our exceptional achievements in the industry. Across 250+ financial institutions in over 80 countries, TCS BαNCS drives customer growth, reduces total costs of ownership, enhances new product development and enables banks to experience certainty.
Mr. N. Ganapathy Subramaniam, President of TCS Financial Solutions said: “These remarkable achievements are testimony to the comprehensive functionality, scalability, and reliability of TCS BαNCS. The #2 and #3 leadership positions for Universal and Retail/Private banking respectively are direct results of our decades of commitment to the banking, capital markets and insurance industries. TCS Financial Solutions remains dedicated to delivering the most comprehensive and compelling solutions and services for leading financial institutions around the world.”
“The combination of TCS Financial Solutions’ TCS BαNCS suite and the company’s resources and reach has clearly proven to be powerful one. 2007 saw significant new name business particularly on the TCS BαNCS universal banking side, and the company is one of the big movers on the sales league table, constituting the mainstream challenger to the established brigade” stated Martin Whybrow, Founder and Editor in Chief of IBS Publishing.
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 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 in excess of 250 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.
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™, and recognized as a benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 108,000 of the world's best trained IT consultants in 47 countries. The company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March 2007 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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