Mumbai: Tata Consultancy Services (TCS) announced that its client, Mercantile Bank Limited in South Africa, has gone live with TCS BaNCS for nostro Reconciliations within an eight week implementation period.
Mercantile Bank started its technology modernization and harmonization program six years ago with the selection of TCS BaNCS for Core Banking in 2008, which subsequently went operational in 2010. The Bank continued to build on its strategy of moving all of its solutions onto an integrated architecture and IT platform by deploying TCS BaNCS for Treasury in 2012. With the Reconciliations solution now going operational, the Bank has a totally integrated Core, Treasury and Reconciliations solution.
Karl Kumbier, CEO of Mercantile Bank, commented on the successful implementation, “We have realized our vision of having an integrated platform with best-of-breed functionality that dramatically simplifies our technology landscape. This implementation heralds another milestone in our journey towards providing solutions that anticipate customer and market needs. With each solution from TCS BaNCS being deployed successfully at the Bank, we believe that we have not only a trusted solutions provider but a committed partner to our success in TCS BaNCS.”
N Ganapathy Subramaniam, President, TCS Financial Solutions, commented on another successful implementation of TCS BaNCS in South Africa, “With 8 of the top 10 financial institutions being powered by TCS BaNCS, we continue to remain the partner of choice for our customers in South Africa. The integrated technology ecosystem at Mercantile Bank will help set new standards for innovation. This quick implementation of TCS BaNCS for Reconciliations is a proof of how technology can accelerate go-to-market efforts.”
The deployment of TCS BaNCS for Reconciliations at Mercantile Bank was planned to be completed in 11 weeks but instead went operational in 8 weeks due to pressing needs of the Bank. With the new solution, auto-matching of the same volume of data takes a minute now compared to the previous five minutes, which is an improvement of 80% on the time taken.
With these three successive TCS BaNCS deployments, the Bank has further set itself on a path of growth by increasing operational efficiency, improving processing transparency, and controlling costs.
Kerala IT News