Swiss firm to deploy TCS BaNCS banking suite

MUMBAI, INDIA: TCS Financial Solutions, a provider of business application solutions to the banking, insurance and capital markets industries, on Thursday announced that PostFinance Switzerland will deploy TCS BaNCS to overhaul part of its operations.

The integrated banking suite comprising Payments, Core Banking, Securities Processing for Funds Administration and Compliance for Fraud Detection solution will be implemented as part of the modernization drive of PostFinance to replace the current legacy payment transactions and accounts management systems, said a press release.

TCS BaNCS will enable flexible development and the adaptability to meet current and future market needs as well as regulatory requirements. The entire modernization program will be accomplished over the next four years.

Enrico Lardelli, head of IT, PostFinance, said, “Payment services are the core business of PostFinance - with almost 900 million transactions per year, it is the number one player in the Swiss payments sector.”

He added, “TCS BaNCS is a modular, highly configurable system which meets our high performance requirements. We also chose TCS BaNCS because of its best value ratio and the short migration strategy. In short, TCS BaNCS is the most attractive economic option for PostFinance.”

N. Ganapathy Subramaniam, president, TCS Financial Solutions, said, “Our partnership with PostFinance is a good example of our value proposition where we enable growth and efficiency without disruption. Through this implementation, PostFinance will meet the varied needs of a growing and diverse customer base.”