KBC Bank and Rabobank Nederland have signed a deal with India's Tata Consultancy Services for the vendor's Quartz software, which will be deployed at their new securities processing joint venture in Eindhoven.
The banks announced plans in January to develop a common cross-border platform for the settlement of securities transactions. The new company will begin processing for Rabobank Nederland in 2005. The service will be extended to KBC Bank in 2006.
TCS will also provide on-going support services for its software.
Commenting on the deal, G. Fransen, business development manager, Rabobank Netherland Securities Services, says: "Our strategic decision with our partner KBC Bank to select the solutions developed by TCS will allow the new venture to offer advanced and cost- efficient back-office and IT services."