Tata Consultancy Services launches TCS BaNCS core banking version 12 via @tatacompanies

Significant enhancements to encompass global banking and compliance

Mumbai and Toronto: Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS) a leading IT services, consulting and business solutions organisation, announced today that TCS BaNCS Core Banking Release 12.0 has been launched at the annual flagship event for banking and capital markets, SIBOS 2011, in Toronto. This version continues to build on industry-leading functionality, flexibility and scalability for which the product has come to be known globally.

The new version comes with many enhancements, most notable being:

Advanced multi-entity support, allowing a single installation of TCS BaNCS to support the customer's establishments across geographies and providing cross-entity customer transactions with configurable business restrictions.
Extensibility enhancements, providing user-configurable exit points.
IFRS reporting engine, designed to perform calculations for effective interest rates, fair valuation on estimated and contracted cash flows, impairment of assets, etc.

Bart Narter, senior vice president, Celent Banking Group, said "TCS BaNCS has been selected to roll out core systems around the world at Deutsche Bank, one of the world's leading global transaction banks. To meet the needs of this customer alone, it requires world-class expertise in cross-border compliance."

Commenting on the new version launch, R Vivekanand, global head of product delivery of TCS BaNCS, said, "We have significantly expanded TCS BaNCS's functional coverage with the customer at the centre and updated regulatory compliance as a fundamental imperative. In addition, our expansive banking footprint and implementation capability delivers compelling benefits to our customers."

There are over 50 enhancements in addition to the above, spanning syndication, project and contract finance and membership module for credit unions. The data archival module has been enhanced to allow use of certified third-party archival tools in addition to in-built mechanisms. TCS BaNCS CBS continues to be available with a rich choice of channel solutions covering branch user, Internet, mobile and origination.