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DELHI: Bank of Maharashtra
(BoM), a leading nationalized bank in the western
region, has signed a contract with Tata Consultancy Services (TCS), the
world-leading technology services and consulting company, to implement a core
banking solution.
The core banking solution used will be BANCS from Sydney-based Financial Network
Solutions (FNS), a 100% subsidiary of TCS. In addition, other TCS products like
- e-Treasury
(integrated treasury solution),
- finDNA
(anti-money laundering),
- Almity
(asset-liability management) and
- eBankworks
(for channel banking through Internet,
Mobile
and SMS)
The solution also includes China Systems' Eximbills
for trade finance as well as hardware from IBM and Networking from Bharti Televentures.
TCS will be responsible for the end-to-end system integration, including
redesigning and deploying a bank-wide corporate network.
TCS will also set up and maintain the
Data
Center
, and provide Facilities Management Services to the bank over the next 6 years.
The scope of the entire project covers over 600 branches, including the Retail,
Corporate, Trade Finance, Treasury and Delivery Channels for Internet Banking,
Phone Banking and Mobile Banking (SMS & WAP).
The entire solution will be customized by TCS to the Bank deliver 24X7 banking
to its customers through multiple channels like ATMs, Internet and mobiles on
'on-line-real-time' basis, enable faster launch of
new products and better relationship management.
TCS will adopt it Ready-to-Deploy Core Banking Solution Implementation Model
developed at the TCS Core Banking Solution Centre of Excellence. TCS is
implementing this solution currently at State Bank of
India
group, Indian Bank, Central Bank of
India
and Allahabad Bank
Reiterating the strategic nature of the initiative,
S.C.
Basu, Chairman &
Managing Director, Bank of Maharashtra,
said, "Known as the common man's bank, Bank of Maharashtra
has one of the largest branch networks among any public sector bank in
Maharashtra
. As a part of our growth strategy, we have aggressive plans including expanding
operations in the North, South and Eastern parts of the country as also
introducing exciting services for our customers." He added: "Our IT
initiative is a key driver of these new initiatives and we are glad to partner
with a world class company like Tata Consultancy Services."
Commenting on the win, S. Ramadorai, CEO
& Managing Director, Tata Consultancy Services, said, "Bank of Maharashtra
is embarking on a significant IT initiative to face emerging business
challenges. We are pleased to partner with them in their efforts to leverage
technology to build enhanced customer interfaces and better relationship
management. Our investment in developing the TCS Core Banking Solution Centre of
Excellence is helping us position our key strengths in an emphatic fashion and
has resulted in winning prestigious mandates like Bank of Maharashtra."