Deutsche to use TCS's banking solution

This will replace several solutions with one modern, transaction-safe and cost-efficient platform.

TCS will implement TCS BaNCS Core Banking as its new core banking platform for Global Transaction Banking (GTB), the IT major said in a statement.

"The deal is for over a ten year period which includes the implementation and after sale services. This is one of the largest deal in the core banking sector,"TCS President– Financial Solutions N Ganapathy Subramaniam said.

TCS BaNCS Core Banking provides transaction banking functionality including account services, Interest and charges, limits and facilities, liquidity management, and funds transfer and payments.

However, the company did not disclose the financial details of deal. Deutsche Bank demonstrated rightly that technology is the inexorable choice for large financial institutions to become faster, more efficient and offer seamless customer experience," Subramaniam added.

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.

"Globally the market for the such deals are looking good especially in emerging markets like India, China, and Brazil.

The developed markets which are looking to expand in these regions want readymade IT solutions," Subramaniam added.

Shares of TCS were trading at Rs 1,079.85 on the BSE, up 0.46 per cent from the previous close.

"This is a significant step of strengthening our GTB platform worldwide. We expect the new platform to deliver significant improvements that will benefit our clients," Deutsche Bank Head of Global Transaction Banking and Member of the Group Executive Committee Werner Steinmuller said.