PostFinance is set to migrate its account management and payment transactions to a new IT system. It has decided to use the TCS BaNCS system of Tata Consultancy Services (TCS) based in Mumbai, India, for the future processing of its core business. PostFinance is thus ensuring the long-term quality of its services for its customers. The current systems will be replaced in stages over the next four years.
The change of system will not result in any job cuts in PostFinance's IT department.
Payment transactions are the core business of PostFinance - with almost 900 million transactions per year it is the number one in the Swiss payments sector. It intends to hold on to this position by using a state-of-the-art payment transaction system. After an intensive evaluation phase involving a number of possibilities, PostFinance chose the TCS BaNCS product of Tata Consultancy Services (TCS).
Medium-term replacement necessary
The current payment transaction systems for account management and handling transactions have been in use since 1993. They are still very powerful, stable and efficient but need to be replaced in the medium term. Maintenance and further development of the systems are reaching their limits. PostFinance intends to implement the announced changeover before the current systems become obsolete. It is thus ensuring the long-term quality of its services for its customers.
Proven and powerful
TCS BaNCS has a comprehensive and widely used solution portfolio for financial institutions, among others for account management and payment transactions. It meets high requirements in terms of performance and long-term availability. PostFinance can develop the systems flexibly and in line with market requirements together with the innovative company TCS. It will also enable operating costs to be reduced. Tata Consultancy Services is a leading IT services, consulting and business solutions organization, headquartered in Mumbai (India) and Swiss offices in Zurich and Nyon.
No job cuts
The migration to the new systems will have consequences for certain employees of PostFinance Information Technology. This will involve shifts in functions and competencies. Job cuts are not planned, but the order volume for external employees will be reduced.
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