IPO, with a listing on the National Stock Exchange and the Mumbai Stock Exchange. Post-IPO, Tata Group retained 86.91 per cent of the shareholding.
On the technical side, there has been work towards a Service Oriented Architecture (SOA), initially separating the Customer Information File of the system and exposing processes as web services under XML. National Bank of Kuwait, a signing in 2005, was particularly pushing for such an approach (its project overran badly but it went live in May 2010 for head office and its 61 branches for the bulk of its core business, linked to Path’s iMal for Islamic banking). The SOA strategy was extended to support the Bancs/Quartz integration
Additional Islamic products
Additional Islamic products on the cards in late 2007 were a trade finance solution, set for Q3 2008, and an Islamic version of the treasury suite, planned for Q2 2009. Sales of BaNCS held up fairly well through the financial crisis, with
17 new name wins in 2009 and a large number of domestic wins too. In terms of Islamic wins, North African expansion was recorded with a win in Egypt at Arab African International Bank (AAIB), there was a Middle Eastern sale to Qatar Development Bank and a Bangladeshi deal. Although this was off-the-record at the time, it now looks to be Bangladesh Bank, the country’s central bank, which was gained versus Temenos and Misys. BaNCS was fully live at all the bank’s branches by mid-2012. Nonetheless, despite a spokesperson for the vendor informing IBS that Islamic banking, finance and even Islamic insurance were ‘strong parts of the TCS BaNCS story’, TCS was overlooked by existing customer Bank of Kuwait and Middle East (now Ahli United Bank) when it opted in 2009 for International Turnkey Systems’ Islamic offering to support its Shari’ah operations following its decision to become an Islamic bank the previous year. By late 2009, the integration of BaNCS Universal/Quartz and BaNCS Retail looked to be complete. A full Java-based system also came out of the redevelopment and integration of the two systems in late 2009. The Cobol back-end had been reworked and it would be offered alongside the existing version. For the new version, Quartz/ BaNCS Universal would contribute functionality for investment banking, payments and limits, with BaNCS providing the retail and card management parts. TCS had a pretty good year in 2010 as a whole, albeit with its 13 new
243
(although both systems continue to be sold as separate offerings as well).
During 2007, the vendor announced a major restructuring of its banking systems business, as everything was brought into a new unit, TCS Financial Solutions. This spelt the end of the road for the FNS and TKS-Teknosoft names. It was announced that TCS FS would function as a pure products company and the offerings would come under an umbrella brand of TCS BaNCS. The first client to take the new combined product with Islamic functionality, as an upgrade, was National Commercial Bank in Saudi Arabia.
name core deals below the 17 of the previous year. None of these wins were located in the Middle East region nor did they seem to include any Islamic functionality. Nonetheless, they did include the aforementioned Deutsche Bank signing, which came in early 2010 and looked to be one of the largest core banking system deals in years (as well as TCS’s largest to date), eventually spanning 30+ countries from two hubs. The deal was for the full Java version of BaNCS, comprising both Retail and Quartz/v Universal. Less good news in 2010 came from The Rock Building Society in Australia which saw its spend on its BaNCS implementation more than double. In fact, Deutsche Bank later ended its project after three implementations, in Abu Dhabi, Saudi Arabia and the Netherlands. There was some disappointment too in 2011, with TCS offerings
replaced at Frankfurter Bankgesellschaft (formerly LB Swiss Privatbank) and India’s central bank, Reserve Bank of India. The former was lost to Avaloq, the latter to fellow Indian vendor, Polaris, in a $55 million deal. Ulaanbaatar City Bank (UBC Bank) in Mongolia also replaced BaNCS which it had been using since 2005, with a local solution, GrapeBank. Another former TCS customer in the country, Erel Bank, had gone live with GrapeBank the previous year. On a more positive note, towards the end of 2011, TCS was believed to have won a deal at Turkey’s second largest bank, Ziraat Bank. This was to implement BaNCS across the bank’s international network of 50+ branches and subsidiaries. Neither party would comment on the deal. It was believed to be the second attempt by Ziraat to standardise its core software, with an earlier deal with Temenos having not materialised. In fact, the bank’s project with TCS did not go to plan and was believed to be at an end by Q1 2014.
Islamic Report
www.ibsintelligence.com
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 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262 |
Page 263 |
Page 264 |
Page 265 |
Page 266
