Mumbai: Bank of Maharashtra (BoM), a leading nationalized bank in the country, has finalised Tata Consultancy Services (TCS), a leading global technology services and consulting company, to implement a core banking solution.
The core banking solution used will be from Sydney-based Financial Network Solutions (FNS), a 100% subsidiary of TCS. In addition, other TCS products like
• e-Treasury (integrated treasury solution),
• finDNA (anti-money laundering),
• Almity (asset-liability management) and
• eBankworks (for channel banking through Internet, Mobile and SMS)
The solution also includes China Systems' Eximbills for trade finance as well as hardware from IBM and Networking from Bharti Televentures. Ernst & Young Pvt. Ltd is the consultant to Bank of Maharashtra for the core banking project.
TCS will be responsible for the end-to-end system integration, including redesigning and deploying a bank-wide corporate network. TCS will also maintain the Data Center, and provide Facilities Management Services to the bank over the next 6 years. The scope of the entire project covers over 600 branches, including the Retail, Corporate, Trade Finance, Treasury and Delivery Channels for Internet Banking, Phone Banking and Mobile Banking (SMS & WAP).
The entire solution will be customized by TCS to help the Bank deliver 24X7 banking to its customers through multiple channels, enable faster launch of new products and better relationship management. Complete implementation of the solution would enable customers' access their bank accounts through multiple delivery channels like ATMs, Internet and mobiles on 'on-line-real-time' basis.
TCS will adopt it Ready-to-Deploy Core Banking Solution Implementation Model developed at the TCS Core Banking Solution Centre of Excellence. TCS is implementing this solution currently at State Bank of India group, Indian Bank, Central Bank of India and Allahabad Bank.
Reiterating the strategic nature of the initiative, Mr. S.C. Basu, Chairman & Managing Director, Bank of Maharashtra, said, “Known as the common man's bank, Bank of Maharashtra has one of the largest branch networks among any public sector bank in Maharashtra. As a part of our growth strategy, we have aggressive plans including expanding operations in the North, South and Eastern parts of the country as also introducing exciting services for our customers.” He added: “Our IT initiative is a key driver of these new initiatives and we are glad to partner with a world class company like Tata Consultancy Services.”
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