TCS reports Bank of Panhsin deal; gets SwiftReady Gold labels

Source: TCS Financial Solutions

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 Bank of Panhsin, an expanding retail bank positioned within Taiwan's growing financial sector, has gone live with TCS BANCS highly scalable Core Banking solution.

By implementing TCS BANCS Core Banking system Bank of Panhsin will benefit from a faster return on investment and enhanced investment protection.

Given TCS BANCS advanced architecture and knowledgeable team of delivery experts the group implemented the project in just 18 months. By following a "big bang" implementation approach Bank of Panhsin was able to roll out all of its branches and lines of business simultaneously. This cost effective implementation strategy provides Bank of Panhsin with a sustainable competitive advantage, faster time to market, valuable lead time and capital preservation.

TCS BANCS Core Banking solution is a fully scalable, modular core banking solution which automates every aspect of a financial institution's back, middle and front office operations in one fully integrated solution. This multichannel, multilingual and multicurrency system allows 24/7 real time, event driven transaction processing and reporting which results in substantially lower hardware and integration costs. TCS BANCS Core Banking solution offers the world's leading banks with the opportunity to maximize efficiency and minimize risk through its advanced business application technology.

"Bank of Panhsin selected TCS BANCS Core Banking solution due to its world class performance and scalability. With TCS BANCS Core Banking system we will be able to deliver 24/7 real time banking solutions for our clients with complete confidence," stated Joseph Tsai, Chief Information Officer, Bank of Panhsin.

Mr. N. G. Subramaniam, President, TCS Financial Solutions, adds: "This well executed deployment highlights one of the many business benefits of dealing with TCS Financial Solutions. Our committed delivery team of core banking domain experts worked professionally with Bank of Panhsin's staff to deploy this core banking implementation both on time and on budget. TCS BANCS ever growing list of Core Banking clients includes a number of the world's most innovative and successful banks. With TCS BANCS Core Banking solution banks throughout the world can rest assured that this best-in-class core banking system will deliver an outstanding return on investment."

Separately, 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, announced that TCS BANCS Corporate Actions and TCS BANCS Custody, formerly branded NCS Corporate Actions and Custody, have been certified as SWIFTReady Gold Corporate Actions and SWIFTReady Gold Securities Settlement respectively for 2007.

The SWIFTReady Gold accreditation is only awarded to applications that specifically adhere to the set of criteria linked to the support of SWIFT messages, messaging, connectivity and SWIFT functionality. There is a stringent and specific criterion for each SWIFTReady accreditation. These criteria are designed to reflect the capability of an application to continuously innovate and provide automation in a SWIFT environment. TCS BANCS Corporate Actions and TCS BANCS Custody have proven themselves on the respective criterion set by SWIFT.

This May 2007 certification was awarded to TCS BANCS Corporate Actions for the second consecutive year and TCS BANCS Custody for the fifth consecutive year. SWIFTReady Gold certifications underscore the market acceptance and customer traction for both products. TCS BANCS Corporate Actions and TCS BANCS Custody have had significant wins in the last six months including an international depository in Europe, a leading custodian and a major financial institution in Asia Pacific as well as broker-dealers and asset managers in North America and Europe.

"SWIFTReady Gold accreditation for TCS BANCS products in the corporate actions and global custody markets are testimony of our continuing commitment to follow best practices and increase the products' capabilities to maximize straight through processing (STP). SWIFT certifications help re-affirm the confidence shown by our clients in our products and further establishes TCS Financial Solutions standing as a leading partner of choice by financial institutions from around the world," said Mr. N.G. Subramaniam, President, TCS Financial Solutions.

Herve Valentin, Partner Solutions Manager at SWIFT, said, "We are pleased to accredit TCS Financial Solutions with these awards to their flagship software solutions TCS BANCS Custody and TCS BANCS Corporate Actions. The award renewal for 2007 demonstrates TCS Financial Solutions' ongoing contribution to the industry, improving both Securities Settlement and Corporate Actions processing for the benefit of financial institutions worldwide."

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