MUMBAI, India, July 24, 2012 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced that TCS BaNCS has signed an agreement with Savvis, a CenturyLink company (NYSE: CTL) and global leader in cloud infrastructure and hosted IT solutions for enterprises, that will allow the TCS BaNCS suite of products to be offered on a cloud-enabled hosted environment in North America.
As part of this agreement, the TCS BaNCS platform will be hosted on Savvis' enterprise-class infrastructure. The platform comprises an array of customer-configurable solutions, including Core Banking, Payments and Anti-Money Laundering (AML), Corporate Actions and Insurance covering property and casualty as well as life and annuities.
TCS leverages its deep experience of providing similar TCS BaNCS-based hosted platforms in Europe and other parts of the world. The offering allows firms to configure their solution and IT infrastructure needs that will deliver on the "We manage, you control" paradigm, including improvements for firms on their cost per business transaction. Over the last decade, TCS BaNCS has acquired, a track record of delivering growth and efficiencies to banks of all sizes across the world, and this new capability brings added value to its existing and new customers, especially in North America.
"This move will enable TCS BaNCS to enter those markets where hosting is desired or required such as mid-sized and small banks, which are ripe with opportunities," said Bart Narter, Senior Vice-President Banking, Celent, a research and consulting firm. "The buying dynamics in the North American market hinge largely on a full set of deployment options that TCS BaNCS can now promise to a financial institution."
N. Ganapathy Subramaniam, President, TCS Financial Solutions, said, "We are seeing a clear trend and greater interest in financial institutions seeking managed service offerings. In that context, our partnership with Savvis and the cloud-enabled TCS BaNCS is a compelling offering for banks, brokerages and insurance companies, who can free themselves from the IT infrastructure and application management complexities, tap into our Software-as-a-Service (SaaS) model and gain greater operating efficiencies."
"We strongly believe that the combination of TCS BaNCS services hosted on Savvis' market-leading IT infrastructure will provide compelling and cost-effective solutions for financial services firms," said Varghese Thomas, Global Head of Financial Services at Savvis. "Clients will also benefit from our mutually rich experience in supporting the financial markets and providing access to an extensive ecosystem of market participants already resident in Savvis' data centers across the globe."
Recently, TCS BaNCS won two XCelent awards, the notable one being the XCelent Western Europe award. TCS was also ranked third in the FINTECH 100 ranking that lists financial services technology providers each year.
Savvis, a CenturyLink company, is a global leader in cloud infrastructure and hosted IT solutions for enterprises. Nearly 2,500 unique clients, including more than 30 of the top 100 companies in the Fortune 500, use Savvis to reduce capital expense, improve service levels and harness the latest advances in cloud computing.
CenturyLink is the third largest telecommunications company in the United States. The company provides broadband, voice, wireless and managed services to consumers and businesses across the country. It also offers advanced entertainment services under the CenturyLink™ Prism™ TV and DIRECTV brands. In addition, the company provides data, voice and managed services to enterprise, government and wholesale customers in local, national and select international markets through its high-quality advanced fiber optic network and multiple data centers. CenturyLink is recognized as a leader in the network services market by key technology industry analyst firms, and is a global leader in cloud infrastructure and hosted IT solutions for enterprises through Savvis, a CenturyLink company. CenturyLink's customers range from Fortune 500 companies in some of the country's largest cities to families living in rural America. Headquartered in Monroe, La., CenturyLink is an S&P 500 company and is included among the Fortune 500 list of America's largest corporations.
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 drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 280 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 Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is 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 243,000 of the world's best-trained consultants in 42 countries. The company generated consolidated revenues of US $10.17 billion for year ended March 31, 2012 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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