TCS bags $25 Million deal for financial products
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Bangalore: Tata Consultancy Services (TCS) has secured deals worth around $25 million for implementing its financial software products in the Asia-Pacific and the U.S. TCS Financial Solutions, a strategic business unit of the Mumbai-based company, has bagged these contracts from companies such as Philippines Deposits (PDC), Cathay United Bank (Taiwan), Mizuho Banking(U.S.) and two other financial institutions in the U.S, reports the Hindu Business Line. N G Subramanian, President, TCS Financial Solutions said, "The sentiment in the global financial services industry is improving every day and companies have started talking about IT projects. Several deals that were stuck in the pipeline for a long time are finally seeing the light of day." The U.S. arm of Japan based Mizuho Trust and Banking has selected TCS BaNCS (suite of software products) for replacing its asset servicing platforms. The company is also in discussions with Mizuho for extending their relationship from the U.S. to its operations in Japan and Europe. At Cathay United Bank, TCS has deployed its core banking solutions for 180 domestic branches and at more than 10 overseas offices. This is TCS' fifth core banking installation in Taiwan. Cathay United Bank is a wholly-owned subsidiary of Cathay Financial Holding Company, the largest financial holding company in Taiwan. Phillipines Depository and Trust, a subsidiary of PDC, has migrated all its post-trade systems to TCS BaNCS market infrastructure, earlier called eClearSettle. TCS has provided the firm with a centralized platform for exchange trading, central depository, exchange clearing, registrar and transfer agent service. Of the $25 million, the three institutions put together would generate one-time revenues of close to $10 million for TCS. TCS has also finalized engagements worth $5-7 million each with two U.S. based financial institutions for some of its product lines.

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