The platform comprises an array of customer-configurable solutions, including core banking, payments and anti-money laundering (AML), corporate actions and insurance covering property and casualty as well as life and annuities
MUMBAI, INDIA: IT services company Tata Consultancy Services (TCS) announced that it has signed an agreement with Savvis, a CenturyLink company and a cloud infrastructure and hosted IT solutions provider, to provide its banking suite of products BaNCS on a cloud-enabled hosted environment in North America.
"This move will enable TCS BaNCS to enter those markets where hosting is desired or required such as mid-sized and small banks, which are ripe with opportunities," said Bart Narter, senior vice-president banking, Celent, a research and consulting firm. "The buying dynamics in the North American market hinge largely on a full set of deployment options that TCS BaNCS can now promise to a financial institution." N. Ganapathy Subramaniam, [resident, TCS Financial Solutions, said, "We are seeing a clear trend and greater interest in financial institutions seeking managed service offerings. In that context, our partnership with Savvis and the cloud-enabled TCS BaNCS is a compelling offering for banks, brokerages and insurance companies, who can free themselves from the IT infrastructure and application management complexities, tap into our Software-as-a-Service (SaaS) model and gain greater operating efficiencies."
As part of this agreement, the TCS BaNCS platform will be hosted on Savvis' enterprise-class infrastructure. The platform comprises an array of customer-configurable solutions, including core banking, payments and anti-money laundering (AML), corporate actions and insurance covering property and casualty as well as life and annuities.
The offering allows firms to configure their solution and IT infrastructure needs that will deliver on the "We manage, you control" paradigm, including improvements for firms on their cost per business transaction, says a release.
"We strongly believe that the combination of TCS BaNCS services hosted on Savvis' market-leading IT infrastructure will provide compelling and cost-effective solutions for financial services firms," said Varghese Thomas, Global Head of Financial Services at Savvis. "Clients will also benefit from our mutually rich experience in supporting the financial markets and providing access to an extensive ecosystem of market participants already resident in Savvis' data centers across the globe."