MUMBAI, India, Dec. 14, 2010 /PRNewswire/ -- Deutsche Bank and Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) today announced that Deutsche Bank will implement TCS BaNCS Core+ Banking as its new Core Banking Platform for Global Transaction Banking (GTB).
The move is part of a global initiative to transform the bank's transaction banking platform in more than 30 countries. TCS BaNCS will replace several solutions with one modern, transaction-safe and cost-efficient platform. Financials have not been disclosed.
TCS BaNCS Core Banking provides transaction banking functionality including Account services, Interest and Charges, Limits and Facilities, Liquidity Management, Funds Transfer and Payments, Statements and Risk Management and Reporting. As a first step, Deutsche Bank migrated its GTB branch in Abu Dhabi to the new core banking platform on December 11. The branch opened in January 2010.
Werner Steinmuller, Head of Global Transaction Banking and Member of the Group Executive Committee of Deutsche Bank said: "This is a significant step of strengthening our GTB platform worldwide. It is further proof of our firm commitment to deliver best-in-class services to our clients. We expect the new platform to deliver significant improvements that will benefit our clients".
Wolfgang Gaertner, Chief Information Officer Core Banking Deutsche Bank, added: "State-of-the-art information technology is crucial for a bank and for its clients. That is why we are investing in cost-efficient platforms to push for a high degree of industrialization, standardization of processes and to support business growth".
N. Ganapathy Subramaniam, President – TCS Financial Solutions said, "This stellar partnership with Deutsche Bank is a crowning moment for us. Deutsche Bank demonstrated rightly that technology is the inexorable choice for large financial institutions to become faster, more efficient and offer seamless customer experience."
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 174,000 of the world's best-trained IT consultants in 42 countries. The company generated consolidated revenues of over US $6.3 billion for fiscal year ended March 31, 2010 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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SOURCE Tata Consultancy Services