New Development Bank Selects TCS BaNCS as its Flexible Digital Backbone

Deepthi | Myequity news | Date : 04-10-2018 15:20:00 IST

New Development Bank (NOB), a multilateral development finance institution set up by the BRICS nations and headquartered in Shanghai, has gone live with TCS BaNCS for Treasury.

NOB selected TCS BaNCS for its risk and treasury operations for the solution's support for an impressive array of asset classes, and advanced features such as real-time position keeping, risk analytics, and a single product configurator that supports complex debt structures for their issuance programs. The cloud-based offering of TCS BaNCS reduces the time taken for customer on-boarding to a fraction of what it takes in conventional on-premise implementations, as the need to procure and invest in internal infrastructure is eliminated, along with the complexities involved in replacements.

The go-live at NOB, which was achieved in 12 weeks, deployed TCS' market proven methodology for cloud on-boarding that leverages enabler toolkits for all project activities- from solution configuration and alignment, to migration, training and testing. TCS BaNCS will now support all market operations linked to NOB's investment and liability portfolio consisting of global bond issuances, including managing inherent risks.

Commenting on the go-live, Leslie Maasdorp, Vice-President & Chief Financial Officer, NOB, said, "Technological change will continue to transform the economic landscape and open new opportunities for citizens of BR/CS nations. For a bank to develop conventional infrastructure as well as to take maximum advantage of transformative technological developments as they happen at high speed and large scale, a flexible and digital backbone is essential. TCS BaNCS was selected not only for its extensive product capabilities but also for its compelling and relevant implementation footprint across the globe."

Venkateshwaran Srinivasan, Head of TCS Financial Solutions
, said, "This is another exciting area for TCS BaNCS to support the growth of a prestigious multi-lateral institution that is powering broad based development in underserved, emerging economies. The deployment was quick and efficient and TCS BaNCS for Treasury on the cloud is operational at NOB, bringing business benefits in a very short timeframe. Rapid deployment of technology solutions enabled by the cloud is the mantra that businesses globally are adopting to ensure quick ROI."

About Tata Consultancy Services Ltd (TCS) :

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.

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