Mumbai and BAI RDS Chicago: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organisation, announced, today, that the Magic Quadrant for International Retail Core Banking 2011 report has placed the TCS BaNCS product in the 'Leaders Quadrant'. TCS BaNCS is one of the 20 core banking platforms that were profiled from an original list of 48 candidates.
Gartner defines ‘leaders’ as vendors that demonstrate strong development methodologies. All of these vendors have a measurable strategy for disaggregating core banking software functionality into component-based constructs. Many vendors possess methodologies for quality assurance or are executing on a strategic road map to attain certification. Most vendors maintain a strong banking market understanding through methodical processes and have extensive marketing delivery and sales channels. Although there are many well-balanced vendors / products in this quadrant, some are in transition and possess evolving products, process maturity, or both.
N Ganapathy Subramaniam, president, TCS Financial Solutions, said, “Our unwavering focus is on our customers’ ever-evolving business needs and on partnering with them to succeed in their respective businesses. We are glad to receive what we believe to be an accolade that reinforces our commitment in making TCS BaNCS functionally rich, compliant to regulations and agile to customer needs.” The report, titled Magic Quadrant for International Retail Core Banking 2011, authored by Don Free, was released on September 21, 2011.
TCS BaNCS Core Banking solution version 12 is the centerpiece of this evaluation along with myriad other aspects that cumulatively drive the go-to-market strategy for TCS Financial Solutions. The latest version contains important functional additions like IFRS reporting, advanced multi-entity support and extensibility layer enhancements. Advanced multi-entity support allows collocation of multiple business entities of a financial institution, including those spanning across geographies. These provisions that configure and control cross-entity transactions and 360-degree views of the customer and the bank across entities, continues to differentiate TCS BaNCS.
Utilising sophisticated integration methodologies, techniques and tools, this version also presents innovative functional enhancements in the areas of lending, deposits, securitisation, trade finance and treasury. This advanced solution is also available with business rule-driven TCS BaNCS Origination.