TCS upgrades core banking platform

Source: Tata Consultancy Services

Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS) a leading IT services, consulting and business solutions organization, today, announced the launch of TCS BaNCS Core Banking Release 12.0 at the annual flagship event for banking and capital markets, SIBOS 2011, in Toronto.

This version continues to build on the industry's leading functionality, flexibility and scalability for which the product has come to be associated globally. The new version comes with many enhancements, most notable ones being the following:

  • Advanced multi-entity support allowing a single installation of TCS BaNCS to support a customer's establishments across geographies, providing cross-entity customer transactions with configurable business restrictions
  • Extensibility enhancements providing user configurable exit points
  • IFRS reporting engine, designed to perform calculations for effective interest rates, fair valuation on estimated and contracted cash flows, impairment of assets, etc.

Bart Narter, Senior Vice President, Celent's Banking group, said, "TCS BaNCS has been selected to roll out core systems around the world at Deutsche Bank, one of the world's leading global transaction banks. To meet the needs of this customer alone requires world-class expertise in cross-border compliance."

Commenting on the new version launch, R Vivekanand, Global Head of Product Delivery, TCS BaNCS, said, "We have significantly expanded TCS BaNCS' functional coverage with the customer at the center and updated regulatory compliance as a fundamental imperative. In addition, our expansive banking footprint and implementation capability delivers compelling benefits to our customers."

There are over 50 enhancements in addition to the above, spanning syndication, project and contract finance and membership module for credit unions. The data archival module has been enhanced to allow the use of certified third-party archival tools in addition to the in-built mechanisms. TCS BaNCS Core Banking solution continues to be available with a rich choice of channel solutions covering branch user, Internet, mobile and origination. 

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