Beijing / Mumbai, India: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that Guangdong Rural Credit Union (GDRCU), the largest provincial credit union in China, has successfully gone live with TCS BaNCS Core Banking solution. 

 

Zhang Xuejun, general manager of IT consolidation office, GDRCU said, “TCS BaNCS' new-generation core banking system will definitely assist GDRCU to drive financial product innovation, improve risk prevention and strengthen revenue growth. TCS BaNCS system has taken a strong position to support China’s financial business market and is totally adaptable to China’s domestic banking requirements. GDRCU has made the right choice to select TCS BaNCS advanced core banking solution.”

 

Brent Zhu, head, TCS Financial Solutions, China, commenting on the occasion said, “GDRCU is the third financial institution in China that has gone live with TCS BaNCS core banking solution. TCS’ skilled team of local and international IT transformation experts implemented this project in a span of 24 months. With a proven Chinese interface and outstanding processing performance, TCS BaNCS core banking solution is the tried and trusted leader in the market.”

 

TCS BaNCS Core Banking is an integrated solution that automates all aspects of core banking operations across entities, languages and currencies. TCS BaNCS Core Banking combines front, middle and back-office processes in real time, providing timely and actionable information about customer relationships. The system covers a variety of financial products including savings accounts, checking accounts, overdraft accounts, term deposit accounts and a variety of lending products including personal loans, corporate loans and mortgages. In addition, TCS BaNCS Core Banking covers a range of transactional services incorporating remittances, foreign exchange, drafts, bank cheques, cards and trade finance. These services are accessible through multiple channels, from the branch to the call centre, mobile banking and the internet.

 

TCS BaNCS recently debuted as a leader in the Forrester Wave™ Global Banking Platforms, Q1 2009. TCS BaNCS was also placed in the leaders quadrant in a leading industry analyst firm’s international retail core banking report for 2009. IDC, an independent analyst firm, also ranked TCS BaNCS the number 1 (one) technology provider and market leader in China for the third consecutive year in 2008.