CSC (NYSE:CSC) today announced that its banking software products have been validated by IBM for use with the IBM Banking Industry Framework, an enterprise-wide services-oriented architecture (SOA) foundation, to help banks be more efficient, improve their flexibility and adapt more easily to new business challenges and regulatory requirements.
The validation means that banks, working with both CSC and IBM, can simplify the modernization, management and monitoring of their technology systems, while lowering risk by avoiding the disruptive business consequences of traditional modernization or replacement programs.
CSC's software, which includes customer, deposits, loans, cards and merchant solutions, has been validated across all four domains of the IBM Banking Industry Framework.
"Our banking clients are seeking solutions that address current challenges and provide business agility in the future," said Chae An, vice president, financial services solutions, IBM software group. "CSC's software products, along with the IBM Banking Industry Framework, are an example of how we are working with our partners to create smarter banking solutions for our clients."
"Our new technology innovations for financial institutions, supported by this validation from IBM, will help ensure our software works in concert with IBM's to deliver the greatest value," said John Dickson, president of CSC's Banking and Credit Services Division. "Building upon a long-standing alliance with IBM, CSC is committed to providing low-risk, cost-effective modernization strategies for our clients."
The four domains of the IBM Banking Industry Framework provide the technology capabilities to address banking pain points in these areas:
* The payments and securities domain - helps banks progressively transform their payments operations to become more flexible and efficient;
* The integrated risk management domain - supports taking a holistic approach to managing financial risk, financial crimes, operational and IT risk, and compliance;
* The customer care and insight domain - helps banks build a foundation for creating a single view of the customer and enabling more effective and efficient sales and service;
* The core banking transformation domain - allows banks to modernize and renovate the legacy applications that support core banking functions while aligning with the changing needs of the business.