TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that it will provide ABN AMRO Clearing Bank NV with TCS BaNCS integrated Custody, Cash and Corporate Actions solution as part of a modernization program to replace its legacy infrastructure.
Andrej Bolkovic, Global Chief Information Officer, ABN AMRO Clearing, commented, “This project will significantly lower our maintenance and IT-related costs. TCS BaNCS not only meets our needs from a functionality perspective but also supports and enhances our operation’s capabilities in a rapid and ever changing business environment.”
NG Subramaniam, President, TCS Financial Solutions, said, “The ideal promise of technology is the harnessing of the benefits while keeping the cost low. We are glad to be chosen by ABN AMRO Clearing to be a part of their extensive modernization program. TCS BaNCS is increasingly seen as a platform of choice that delivers multiple business benefits like ease of operations, while significantly lowering the cost.”
TCS BaNCS will help streamline ABN AMRO Clearing’s operations across multiple markets and regions, enhance efficiency and reduce maintenance costs. The deployment of the integrated Custody, Cash and Corporate Actions solution will be accomplished within the next 14 months.
“Reducing the overall operational complexity, while ensuring customer-centric processes and offerings are the key challenges for European banks. They are looking for IT solutions that can seamlessly integrate front and back offices and TCS BaNCS is clearly among the solutions that can support this evolution,” says Axel Pierron, Banking Analyst, Celent, a leading research firm.
