TCS to implement banking solution for City Union Bank

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CHENNAI: Tata Consultancy Services has signed Rs 15 crore agreement with Tamil Nadu-based City Union Bank (CUB) for the implementation of Core Banking and Market Risk Solutions in their bank. With this CUB would become the ninth bank to implement TCS? QUARTZ solution. TCS would have CMC as its partner for the networking of CUB branches.

V Narayanan, Chairman, CUB Ltd., speaking to the press, said that by June 2003 the pilot project would go live and by mid-2005 the networking of its 124 offices spread across seven states and two Union Territories would be completed. In the first phase, four ATMs would be installed and soon it plans to add 30 more ATMs.

S Ramadorai, CEO, TCS said, "We have been in the banking business from day one providing services mostly to the public sector bank in the banking space. BFSI continues to be one of the key revenue drivers for TCS with 45 percent-50 percent of our revenue coming from that sphere with more investments to happen in this domain. Our tie up with CUB is going to bring total technological capability in retail segment addressing both rural and other parts of population. Our commitment to CUB is to automate their every single branch through our network by 2005."

The QUARTZ-based core banking solution would be targeted at integrating financial availability along with offering a suite of products which would connect with external interfaces like SWIFT, REUTERS and SFMS. TCS would also implement eBankWorks its Internet banking solution and ALMITY, the Asset and Liability Management solution. QUARTZ is a universal, integrated banking package developed jointly by TCS and TKS-TEKNOSOFT SA. It is designed to provide comprehensive functionality and processes in a single package for the front, middle and back office areas of financial institutions.
Source: IANS
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