MUMBAI, India and TORONTO, Sept. 21, 2011 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS) a leading IT services, consulting and business solutions organisation, announced today that TCS BaNCS Core Banking Release 12.0 has been launched at the annual flagship event for Banking and Capital markets, SIBOS 2011 in Toronto. This version continues to build on 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:
- Advanced Multi-Entity Support allowing a single installation of TCS BaNCS to support 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 & 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 of 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 above spanning Syndication, Project and Contract Finance and Membership Module for Credit Unions. The data archival module has been enhanced to allow use of certified third party archival tools in addition to in-built mechanisms. TCS BaNCS CBS continues to be available with a rich choice of channel solutions covering branch user, Internet, mobile and origination.
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 drives growth, reduces costs, mitigates risk and offers 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 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 (GNDM™), recognised as the benchmark of excellence in software development. A part of the Tata Group, India's largest industrial conglomerate, TCS has over 202,500 of the world's best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
SOURCE Tata Consultancy Services