CSC and HCL to form core banking joint venture

CSC and HCL to form core banking joint venture

CSC and India's HCL Technologies have signed a definitive joint venture agreement to form a banking software and services company addressing the multi-billion-dollar, global core banking software market.

CSC, which currently serves over 100 banking and financial services clients in 15 countries, will provide its core banking, cards, payments and default management industry software and product development expertise to the venture. HCL, which draws 25% of its revenue from the banking sector, will provide capital investment, experience in product engineering and application implementation services, as well as banking sales and client engagement expertise.

“The banking industry is taking bold steps toward cloud deployments and digital integration with surrounding applications and platforms,” says Anant Gupta, president & CEO, HCL Technologies. “Many of our banking clients are looking for modernization of their legacy platforms while simultaneously managing the increasing demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements. The joint entity with CSC is designed to meet those critical demands with new and innovative solutions and to expedite the modernization transformation journey of our banking clients.”

CSC is likely to be the lead partner in the venture, drawing on its experience in the market with its Hogan core banking platform and CAMS card management suite.

The company is led by Mike Lawrie, who spent five years turning around Misys before quitting to join CSC as the UK core banking supplier company entered an - ultimately aborted - merger agreement with Swiss rival Temenos.

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