TCS bags Chinese bank contract

MUMBAI, INDIA: Indian IT services and business solutions major Tata Consultancy Services Ltd (TCS) said on Thursday that it has received a contract to provide its banking software technology solution, TCS BaNCS to Shanghai Rural Commercial Bank.

The bank selected TCS BaNCS Core Banking to swiftly introduce new products in the market and efficiently manage transformation across all its business lines, said a press release.

TCS BaNCS Core Banking will cover the organization’s core banking, deposits, loans, payments and card modules.

Advanced open architecture, ability to reduce TCO

Zhou Hengchang, CIO, Shanghai Rural Commercial Bank, said the bank selected TCS BaNCS scalable core banking system due to its advanced open architecture and ability to reduce total cost of ownership.

“TCS also has a very experienced team of delivery experts based in the region. This core banking solution will assist our organization to enhance new product development, improve customer service levels and enhance market competitiveness,” he added.

Zhu Bin, Greater China Head, TCS Financial Solutions, observed that China’s retail banking market is experiencing exceptional growth.

“To remain competitive, Shanghai Rural Commercial Bank required a tried and trusted solution that could be implemented quickly and efficiently. We are delighted to welcome Shanghai Rural Commercial Bank into our global client community,” he added.

Zhu Bin said this core banking solution has a growing presence in China, Macau and Taiwan.

Financial details of the deal were not disclosed.