Deutsche Bank and Tata Consultancy Services (TCS) today announced that Deutsche Bank will implement TCS BaNCS Core Banking as its new core banking platform for Global Transaction Banking (GTB).
The move is part of a global initiative to transform the bank's transaction banking platform in more than 30 countries. TCS BaNCS will replace several solutions with one modern, transaction-safe and cost-efficient platform. The financials have not been disclosed.
TCS BaNCS Core Banking provides transaction banking functionality including account services, interest and charges, limits and facilities, liquidity management, funds transfer and payments, statements and risk management and reporting. As a first step, Deutsche Bank migrated its GTB branch in Abu Dhabi to the new core banking platform on December 11. The branch opened in January 2010.
Werner Steinmüller, Head of Global Transaction Banking and Member of the Group Executive Committee, Deutsche Bank, said: "This is a significant step of strengthening our GTB platform worldwide. It is further proof of our firm commitment to deliver best-in-class services to our clients. We expect the new platform to deliver significant improvements that will benefit our clients."
Wolfgang Gaertner, Chief Information Officer Core Banking, Deutsche Bank, added: "State-of-the-art information technology is crucial for a bank and its clients. That is why we are investing in cost-efficient platforms to push for a high degree of industrialisation, standardisation of processes and to support business growth."
NG Subramaniam, President, TCS Financial Solutions, said: "This stellar partnership with Deutsche Bank is a crowning moment for us. Deutsche Bank demonstrated rightly that technology is the inexorable choice for large financial institutions to become faster, more efficient and offer seamless customer experience."
