By investing in platform modernization and product functionality improvement, the jointly owned entity is expected to capitalize on the capabilities of both companies in a bid to address the global core banking software market.
Under the terms of the agreement, CSC will offer its core banking, cards, payments, software and product development expertise, while HCL will provide capital investment, banking sales and client engagement expertise.
HCL Technologies president & CEO Anant Gupta said: "Many of our banking clients are looking for modernization of their legacy platforms while simultaneously managing the increasing demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements.
"The joint entity with CSC is designed to meet those critical demands with new and innovative solutions and to expedite the modernization transformation journey of our banking clients."
CSC president & CEO Mike Lawrie said: "With this new venture, CSC will team with HCL to deliver best-of-breed-technology services and solutions to the banking industry."
Banking customers will be able to take advantage of a scalable global services footprint using the combination of the assets from both companies.
The new company is expected to bolster ongoing support for existing banking clients who look to extend the investment in their existing platforms.
In conjunction with other partners it will also provide advance digital banking transformation solutions.
