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ABN AMRO Clearing to roll out TCS BαNCS Integrated Custody, Cash and Corporate Actions solution

A new Platform to increase efficiency of business operations, reduce maintenance and technology costs.

TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announces that it will provide ABN AMRO Clearing Bank N.V. with TCS BαNCS integrated Custody, Cash and Corporate Actions solution as part of a modernisation program to replace its legacy infrastructure.

Mr. Andrej Bolkovic, Global Chief Information Officer of ABN AMRO Clearing commented, “This project will significantly lower our maintenance and IT related costs. TCS BαNCS not only meets our needs from a functionality perspective but supports and enhances our operation’s capabilities in a rapid and ever changing business environment”.

N. Ganapathy Subramaniam, President TCS Financial Solutions said, “The ideal promise of technology is the harnessing of the benefits while keeping the cost low. We are glad to be chosen by ABN AMRO Clearing to be a part of their extensive modernisation programme. TCS BαNCS is increasingly seen as a platform of choice that delivers multiple business benefits like ease of operations, while significantly lowering the cost.”

TCS BαNCS will help streamline ABN AMRO Clearing's operations across multiple markets and regions, enhance efficiency and reduce maintenance cost. The deployment of the integrated Custody, Cash and Corporate Actions solution will be accomplished within the next 14 months.

“Reducing the overall operational complexity, while ensuring customer centric processes and offerings are the key challenges for European banks. They are looking for IT solutions that can seamlessly integrate front and back offices and TCS BαNCS is clearly among the solutions that can support this evolution,” says Axel Pierron, Banking Analyst at Celent, a leading research firm.