Tata Consultancy Services, a leading global technology services and consulting company, has announced that BANCS, its core banking solution from FNS is the most deployed core banking solution in country, in terms of number of branches powered by the solution. Sydney-based Financial Network Services (FNS) was acquired by TCS in 2005 and is a 100% subsidiary of TCS. Prior to the acquisition, TCS was working closely with FNS and had developed a client base in the domestic banking sector for BANCS. Presently, TCS is implementing the core banking solution for eight banks that form the State Bank of India group, Indian Bank and Central Bank of India. Bank of Maharashtra (BoM) is the most recent bank to announce the adoption of BANCS core banking solution. Cumulatively, TCS has already deployed the FNS solution in over 8,000 branches across these banks.
The TCS-FNS registered its first major win in the country in 2002 after winning the mandate from State Bank of India for core banking solution across all its branches and associate bank branches. The State Bank of India mandate is one of the world's largest core banking implementation of its kind. TCS has successfully implemented this solution in over 2700 SBI branches. All 7 associate banks of SBI totaling to 4718 branches are 100% live on the core banking solution. The project is being aggressively deployed across the SBI network with an average of 150 branches going live every week.
"This is a robust, scalable and well-established product and TCS is confident of being able to implement this solution in any bank in any part of the world," said N. Chandrasekaran, Global Head of Sales and Operations. "TCS continues to develop this product further and it forms the nucleus of TCS' core banking strategy for the global market."
TCS has already won the mandate to deploy the solution in over 1000 branches in Central Bank of India, 500 branches of Indian Bank and 600 branches in Bank of Maharashtra. In an effort to leverage learnings from the deployment in the country's leading banking institutions, TCS has also invested in the TCS Core Banking solution Centre of Excellence. The centre has developed the Ready to Deploy Core Banking Solution Implementation Model which is being used in some of the recent mandates.
Globally, TCS-FNS' Core Banking Solution has been installed in over 115 banks spread over 35 countries and its clients include Tier I and Tier II banks in emerging markets in Europe, Asia, Australia and Africa. Recently, a large private sector bank in Russia and Hua Xia Bank, a leading commercial bank in China had announced the adoption of BANCS.