Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading IT services, business solutions and outsourcing organisation, announced today that the Commonwealth Bank of Australia has gone live on TCS BaNCS Banking platform supporting its first Indian branch in Mumbai.
The Commonwealth Bank has leveraged its strategic partnership with TCS to deliver an Indian ready 'bank in a box' solution to provide trade finance, remittance and foreign exchange services to organisations that trade between Australia and India. The solution also supports the Bank's services to its Non-Resident Indian client base with remittance and investment needs in India.
David Boyle, CIO, International Financial Services, Commonwealth Bank said, "CBA was looking for an India ready IT solution that could be delivered quickly in a country where CBA had no existing IT team. Our partnership with TCS has enabled us to launch quickly plus the TCS BaNCS platform supports the products we need beyond basic loans and deposits including trade finance, remittance and foreign exchange services. There's no substitute for on-time, on-budget delivery and our partnership with TCS has achieved just that."
"We are glad to announce that Commonwealth Bank has gone live with TCS BaNCS Banking solution supporting their first branch in India," said N. Ganapathy Subramaniam, President, TCS Financial Solutions. "TCS BaNCS is the number 1 Banking solution in India. Our track record enabled Commonwealth Bank select a tried and trusted banking platform. TCS will continue to assist the Commonwealth Bank to deliver a real time, customer centric experience to all their esteemed customers."
The Commonwealth Bank gained its banking licence in June 2009 in India, and went live in April 2010 before the full Branch opening in August 2010 with a comprehensive 'bank-in-a-box' solution provided by TCS. The integrated solution is based on the TCS BaNCS Banking platform, Managed Infrastructure and Network Services and provides a 'one stop' full service solution for all banking segments in the one platform. TCS used its integrated and collaborative Program Management framework to work with the spectrum of stakeholders in India and Australia to achieve the sue successful outcome.