As part of this agreement, the TCS BaNCS platform will be hosted on Savvis' enterprise-class infrastructure. The platform comprises an array of customer-configurable solutions, including Core Banking, Payments and Anti-Money Laundering (AML,) Corporate Actions and Insurance covering property and casualty as well as life and annuities.

TCS leverages its deep experience of providing similar TCS BaNCS-based hosted platforms in Europe and other parts of the world. The offering allows firms to configure their solution and IT infrastructure needs that will deliver on the "We manage, you control" paradigm, including improvements for firms on their cost per business transaction. Over the last decade, TCS BaNCS has acquired, a track record of delivering growth and efficiencies to banks of all sizes across the world, and this new capability brings added value to its existing and new customers, especially in North America.

"This move will enable TCS BaNCS' to enter those markets where hosting is desired or required such as mid-sized and small banks, which are ripe with opportunities," said Bart Narter, Senior Vice-President Banking, Celent, a research and consulting firm. "The buying dynamics in the North American market hinge largely on a full set of deployment options that TCS BaNCS can now promise to a financial institution."

N. Ganapathy Subramaniam, President, TCS Financial Solutions, said, "We are seeing a clear trend and greater interest in financial institutions seeking managed service offerings. In that context, our partnership with Savvis and the cloud-enabled TCS BaNCS is a compelling offering for banks, brokerages and insurance companies, who can free themselves from the IT infrastructure and application management complexities, tap into our Software-as-a-Service (SaaS) model and gain greater operating efficiencies."

"We strongly believe that the combination of TCS BaNCS services hosted on Savvis' market-leading IT infrastructure will provide compelling and cost-effective solutions for financial services firms," said Varghese Thomas, Global Head of Financial Services at Savvis. "Clients will also benefit from our mutually rich experience in supporting the financial markets and providing access to an extensive ecosystem of market participants already resident in Savvis' data centers across the globe."

Recently, TCS BaNCS won two XCelent awards, the notable one being the XCelent Western Europe award. TCS was also ranked third in the FINTECH 100 ranking that lists financial services technology providers each year.