TCS upgrades core banking platform for US compliance
01 May 2008 | 1712 views | 0
Source: TCS Financial Solutions
TCS Financial Solutions, the 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 today that TCS BαNCS Core Banking is developing additional functionality in support of US regulatory compliance requirements.
TCS BαNCS Core Banking supports the core processing of a number of the world's most innovative banks, providing a modern next generation banking platform that supports full lifecycle banking across multiple channels. TCS BαNCS Core Banking automates every aspect of a bank's operating environment by integrating front, middle, and back office processes. As well as being technically efficient with substantially lower processing costs this real-time, multilingual and multicurrency system supports 24/7, event driven transaction processing.
TCS Financial Solutions has been investing heavily in its US compliance Financial Solutions portfolio for over a 12 month period. To improve its competitive strength TCS Financial Solutions has now engaged with Sheshunoff Consulting + Technology to bring the US Compliance portion of TCS BαNCS Core Banking to full market readiness.
According to Robert Hunt, a Research Director in the Retail Banking Practice at TowerGroup, "Most US mid-tier and larger banks continue to process their core systems using systems developed in the 1980s. These systems have become increasingly difficult to maintain and several large banks are now considering replacing their core systems. As banks undertake the replacement effort, they will evaluate systems from both US-based and global core banking systems vendors. This evaluation must consider the ability of the systems to meet US legal and regulatory requirements. It makes perfect sense then, for leading global vendors such as TCS Financial Solutions to work with a US-based firm that has expertise in regulatory requirements to ensure their systems are fully compliant."
"With the assistance of Sheshunoff Consulting + Technology we are developing an advanced set of regulatory compliance processes to attach to TCS BαNCS Core Banking platform," states N. Ganapathy Subramaniam, President, TCS Financial Solutions. "This long term strategy will assist clients to minimize compliance rrrisks and respond to regulatory compliance policies and procedures in a prompt and effective manner."
Gabrielle Shesunoff, CEO, Sheshunoff Consulting + Technology adds: "Sheshunoff has been assisting banks throughout the US to achieve regulatory compliance and security best practice. We are delighted to be working with TCS Financial Solutions dedicated team of highly respected banking and IT practitioners to drive synergies forward with our compliance expertise and TCS BαNCS Core Banking business application."