• TCS Financial Solutions is the banking application software unit of TCS,the IT subsidiary of Tata Group
GENERAL INFO
HQ: Geneva, Switzerland Ownership: Public Founded: 1993 # Islamic Users: 48 # Staff: ~4,000
Key Clients: AIBK, Ajman Bank, Banco Union, Capital Bank, National Islamic Bank, Silkbank
Company Overview
• BaNCS is a combination of Quartz, a treasury management software developed in Switzerland by TKS Teknosoft and BaNCS a retail banking system developed by Australia-based FNS. Both companies were acquired by TCS
• BaNCS has been extensively customized to comply with all Islamic banking requirements and its functionality broadened
Product Overview
• Key functionalities: GL, current and savings account, standing orders, loan origination, CRM, cards, private banking, commercial and syndicated loans, Islamic deposits, financing schemes and investment accounts
Key Highlights
• BaNCS has a large customer base with 341 known users; Islamic users are comparatively low at 10
• Majority of the customers are in Central and South East Asia
TCS Financial Solutions Indian giant
BaNCS
Tata Consultancy Services (TCS) is a subsidiary of the giant Indian Tata Group. It has a retail back office system, TCS BaNCS, which has been the focus for its Islamic banking efforts. There is also a securities and treasury-oriented solution, Quartz (now also branded under the BaNCS banner). Both currently reside within TCS Financial Solutions, a unit set up in 2007 to focus on TCS’s banking software assets. Quartz was developed jointly with TCS’s former Swiss partner, TKS-Teknosoft SA (TKS), a company it has now acquired in full. The software was jointly owned and marketed by TCS and TKS. The system is written in C++ and runs on a variety of Unix servers. It is a versatile solution, used as a broad core system or for niche areas such as corporate action processing, payments and custody and clearing.
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As well as being sold in its own right, Quartz has been integrated with the retail system to offer extended securities and treasury support. The flagship retail system came with the acquisition of Australia- based FNS in late 2005. TCS had actually worked on the original development of the system on a contract basis. FNS began as a subsidiary of the State Building Society of New South Wales. It marketed an in-house developed retail back office system called Finet, later renamed BaNCS. A first non-Australian user was gained in 1985. FNS spread into Asia Pacific, the Middle East (particularly working with NCR) and Africa, and then into Central Europe. The system is essentially a fairly broad retail system. Although not the newest, FNS was a single product company, ploughed in R&D down the years, and had been tenacious in pursuit of new sales. The system ran on IBM mainframe platforms as well as Unix and
Islamic Report
www.ibsintelligence.com
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