TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that PostFinance Switzerland will deploy TCS BaNCS to overhaul part of its operations. The integrated banking suite comprising payments, core banking, securities processing for funds administration and compliance for fraud detection solutions will be implemented as part of PostFinance’s modernization drive to replace the current legacy payment transactions and accounts management systems.
PostFinance, the leading Swiss provider of domestic and international payment services, by deploying TCS BaNCS will enable flexible development and the adaptability to meet current and future market needs as well as regulatory requirements. Currently, PostFinance processes around 900 million transactions per year, and is the largest processing center, with approximately 60% of the market share in Switzerland.
TCS BaNCS is a market-ready, component-based, customer-centric, real-time solution that ensures faster time-to-market for products and flexibility to integrate and support both, existing and future business. The application components to be deployed in the solution are multi-entity and multi-currency, covering accounts management, payments – domestic and international including credit transfers and direct debit along with market connectivity to domestic clearing in Switzerland, Pan European clear with SEPA and international payment on SWIFT. One of the major business drivers and critical success factors at PostFinance was the need of a trusted and strategic long-term partner, which has the experience of delivering successfully multiple large transformation programs. The TCS BaNCS solution has the capability and will support PostFinance as part of this transformation to grow its footprint as the leading provider of payment transaction services in the domestic Swiss market and other sectors of the financial service market.
Enrico Lardelli, Head of Information Technology, PostFinance, said,
“Payment services are the core business of PostFinance – with almost 900 million transactions per year, it is the number one player in the Swiss payments sector. TCS BaNCS is a modular, highly configurable system, which meets our high performance requirements. We also chose TCS BaNCS because of its best value ratio and the short migration strategy. In short, TCS BaNCS is the most attractive economic option for PostFinance.” [source]
Be the first to comment