related items are subject to change and significant variability’ due to the nature of the initiative. The total cost was estimated at $200 million, with approximately one-third of that amount expected to be capitalised. TCS is yet to find the first taker of its outsourced offering of
Bancs, provided to the US market via a tie-up with a specialist company, Savvis. TCS is moving ahead with its push into digital banking in 2015, with the latest releases of its TCS Bancs Digital apps suite, plus a number of initial takers, including Mercantile Bank in South Africa and Bank Yahav in Israel. The supplier claims its apps suite now spans around 40 processes, across retail, wealth and corporate banking. In addition, it has an application development kit for financial institutions
Recent Activity
Central Securities Clearing System (CSCS), the central securities depository, clearing and settlement entity for the Nigerian capital market and Nigerian Stock Exchange (NSE), has selected TCS Bancs from TCS Financial Solutions to replace its legacy Nasdaq clearing and settlement platform. The selection process lasted one year and the first round consisted of six vendors. These included TCS, Nasdaq, CMA Small Systems, MillenniumIT, Perago and Parsifal. TCS is to appeal a US Jury’s decision to fine it $940 million for allegedly stealing trade secrets from software company Epic Systems. Epic, based in Wisconsin, had accused TCA of brazenly stealing secrets, confidential documents and data. It claimed that TCS acquired the insider information via employees at its American subsidiary, Tata American International Corporation. The theft was masterminded in Mumbai, then carried out in India and the US while TCS consulted for an Epic Systems
to
build apps themselves, release new features using
easily configurable financial widgets. The HTML5 apps fit within a ‘framework’ which includes integration through IFX standards and BIAN adaptors, with the latter used for deploying and consuming services. It has continued it push into newer technologies with by identifying, building and enhancing use cases for blockchain based solutions as well as leveraging AI for enhancing reconciliation offerings. TCS was a founding member of IFX and is a proactive member of industry collaboration, BIAN. It
is also a sponsor for major
US banking events such as BAI and American Banker Digital Summit.
customer, US healthcare group Kaiser Permanente. Sweden-based Länsförsäkringar Bank has selected TCS Bancs as part of an ongoing transformation project. Tata Consultancy Services (TCS) will also be providing systems integration and support services to the bank to ensure a smooth transition. In April 2017, Reserve Bank of Australia (RBA) chose to overhaul its core banking technology with TCS Bancs, in a contract worth AU$13.6 million ($10.2 million). TCS Bancs will replace the legacy software at RBA within the next two years, in one of the largest technology modernisation initiatives at the bank. The new platform will be hosted on RBA’s existing infrastructure and interfaced to the bank’s PeopleSoft general ledger.
In June 2017, Canada based exchange, depository and
clearing group TMX, chose Bancs for their clearing and settlement businesses. In July 2017, Zions Bancorporation went live on TCS BaNCS for its consumer lending business.
User list Bancs
Example US users:
American Pacific Insurance Company Inc Bank of New York Mellon BNP Paribas Mizuho Trust & Banking Penson Financial Services
118
Raymond James Investment Services SEI Investments Vanguard Asset Management Company Vanguard Group Zions Bancorporation
US Financial Services Technology Market Report |
www.ibsintelligence.com
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