Tata Consultancy Services (TCS) on Tuesday said it bagged a large multi-million 10-year contract from Deutsche Bank to implement TCS BaNCS core banking as its new core banking platform for Global Transaction Banking (GTB). Without disclosing the size of the contract, the firm said that the move is part of a global initiative to transform the bank?s transaction banking platform in more than 30 countries.
N Ganapathy Subramaniam, president, TCS Financial Solutions said, ? The contract with Deutsche Bank is the largest contract we have bagged in the core banking space. This is a strategically important deal to us and includes core banking implementation and post implementation servcies.? The core banking solution implementation would happen over a period of 3-5 years, he added.
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. TCS BaNCS has already migrated Deutsche Bank’s GTB branch in Abu Dhabi to the new core banking platform on December 11. The branch opened in January 2010. TCS BaNCS will replace several solutions with one modern, transaction-safe and cost-efficient platform. Financials have not been disclosed however, Subramaniam said that this deal is more than $ 50 million range.
The firm is now focussing on emerging markets at global clients tend to cater to these geographies. ?The overall emerging markets are growing faster than before as most global banks are looking at getting market ready in these geographies. So markets like India, China and Brazil are important to global banks.