TCS BαNCS Core Banking solution implemented at Bank of Panhsin

TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, today announced that Bank of Panhsin, an expanding retail bank positioned within Taiwan’s growing financial sector, has gone live with TCS BαNCS highly scalable Core Banking solution. By implementing TCS BαNCS Core Banking system Bank of Panhsin will benefit from a faster return on investment and enhanced investment protection.

Given TCS BαNCS advanced architecture and knowledgeable team of delivery experts the group implemented the project in just 18 months. By following a “big bang” implementation approach Bank of Panhsin was able to roll out all of its branches and lines of business simultaneously. This cost effective implementation strategy provides Bank of Panhsin with a sustainable competitive advantage, faster time to market, valuable lead time and capital preservation.

TCS BαNCS Core Banking solution is a fully scalable, modular core banking solution which automates every aspect of a financial institution’s back, middle and front office operations in one fully integrated solution. This multichannel, multilingual and multicurrency system allows 24/7 real time, event driven transaction processing and reporting which results in substantially lower hardware and integration costs. TCS BαNCS Core Banking solution offers the world’s leading banks with the opportunity to maximize efficiency and minimize risk through its advanced business application technology.

“Bank of Panhsin selected TCS BαNCS Core Banking solution due to its world class performance and scalability. With TCS BαNCS Core Banking system we will be able to deliver 24/7 real time banking solutions for our clients with complete confidence,” stated Joseph Tsai, Chief Information Officer, Bank of Panhsin.

Mr. N. G. Subramaniam, President, TCS Financial Solutions, adds: “This well executed deployment highlights one of the many business benefits of dealing with TCS Financial Solutions. Our committed delivery team of core banking domain experts worked professionally with Bank of Panhsin’s staff to deploy this core banking implementation both on time and on budget. TCS BαNCS ever growing list of Core Banking clients includes a number of the world’s most innovative and successful banks. With TCS BαNCS Core Banking solution banks throughout the world can rest assured that this best-in-class core banking system will deliver an outstanding return on investment.”

TCS BαNCS Core Banking solution was recently ranked China’s No. 1 Core Banking Solution for 2006 by Independent Research firm IDC, a leading provider of global IT market research. In addition, the latest International Banking Systems 2006 Sales League Table ranked TCS BαNCS Core Banking solution in the #1 position for private and retail banking.