IBS Journal January 2016


TCS completes core banking project at IDFC Bank…


India’s newest private sector bank, IDFC Bank, has gone live with the TCS Bancs core banking system. Dr. Rajiv Lall, MD & CEO, IDFC Bank,


says the bank needed a system that is ‘nimble, smart, and one that would host all products and processes within a common architecture’. He adds that ‘our selection of TCS Bancs was based on this fundamental premise’. TCS Financial Solutions, which sup-


plies the system, says that in ‘about nine months’ it implemented modules for core banking, corporate loan origination, financial inclusion and global limits and exposure management (GLEM). The deal was signed in Q4 2014. The core system is interfaced to


Misys’ trade finance offering, Fusion- Banking Trade Innovation, and the


vendor’s treasury software product, FusionCapital Kondor.


Let’s do launch IDFC Bank started its banking opera- tions on 1st October 2015, following its demerger from the parent, Infrastructure Development Finance Company (IDFC). IDFC set about launching a new


bank last year, securing the approval from the country’s regulator, the Reserve Bank of India (RBI), in April 2014. The banking licence was officially granted in June 2015.


IDFC Bank offers services to corpo-


rates and ‘urban and rural customers’ in India. It also ‘focuses on two under- served customer segments: the rural under-banked and the self-employed’. Antony Peyton


… And progresses with Bancs roll-out at Oman Housing Bank


State-owned housing lender, Oman Housing Bank (OHB), has gone public on its choice of new core banking software. The bank has settled for the TCS Bancs to replace its home-grown legacy systems. Adnan Haidar Darwish, general man-


ager, Oman Housing Bank, says the new core system will help it expand and pro- vide a better end-customer experience. OHB will use TCS Bancs for loans,


deposits, origination, payments, funds transfer and compliance. TCS says the bank is keen to auto-


mate processes and described the selec- tion process as ‘long and in-depth’. Indeed, OHB began its search for


a new core banking system two years ago and said at the time it hoped to complete the evaluation and selection process by the end of September 2013. The bank issued an RFP for a core bank- ing system and related infrastructure.


The deal was finally brokered in Q4 2014. The Muscat-based bank is a govern- ment-owned institution, with history


Muscat, home of Oman Housing Bank © Pranav21391, Wikipedia


In brief


IDFC Bank, a subsidiary of India’s Infrastructure Development Finance Company (IDFC), has implemented Intellect Design Arena’s Global Trans- action Banking (iGTB) suite. The iGTB platform runs along-


side Misys’ software for trade finance and TCS Financial Solutions’ Bancs core banking system. IDFC Bank runs iGTB for a full


range of transaction banking oper- ations including payments, cash management, corporate banking and liquidity sweeps. Simplicity was at the core of the


implementation, according to Man- ish Maakan, CEO of iGTB at Intellect. Core to the quick deployment


of the system – around five months – was ‘a close working relationship’ and understanding of the technol- ogy involved, adds K. Srinivason, Intellect’s EVP and geography head for the region. —Alex Hamilton


dating back to the 1980s. It currently has around nine branches across Oman. Antony Peyton


© IBS Intelligence 2016


www.ibsintelligence.com


17


news


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44