Commonwealth Bank goes live with TCS BaNCS

Tata Consultancy Services (TCS)
announced today that the Commonwealth Bank of Australia has gone live
on TCS BaNCS Banking platform supporting its first Indian branch in
Mumbai.

The Commonwealth Bank has leveraged its
strategic partnership with TCS to deliver an Indian ready 'bank in
a box' solution to provide trade finance, remittance and foreign
exchange services to organizations that trade between Australia and
India. The solution also supports the bank's services to its
non-resident Indian client base with remittance and investment needs
in India.

David Boyle, CIO-International
Financial Services, Commonwealth Bank said, “CBA was looking for an
India ready IT solution that could be delivered quickly in a country
where CBA had no existing IT team. Our partnership with TCS has
enabled us to launch quickly plus the TCS BaNCS platform supports the
products we need beyond basic loans and deposits including trade
finance, remittance and foreign exchange services. There's no
substitute for on-time, on-budget delivery and our partnership with
TCS has achieved just that.”

“We are glad to announce that
Commonwealth Bank has gone live with TCS BaNCS banking solution
supporting their first branch in India,” said N Ganapathy
Subramaniam, President, TCS Financial Solutions. “TCS BaNCS is the
number one banking solution in India. Our track record enabled
Commonwealth Bank select a tried and trusted banking platform. TCS
will continue to assist the Commonwealth Bank to deliver a real time,
customer centric experience to all their esteemed customers.”

The Commonwealth Bank obtained its
banking license in June 2009 in India, and went live in April 2010
before the full branch opening in August 2010 with a comprehensive
'bank-in-a-box' solution provided by TCS. The integrated solution
is based on the TCS BaNCS banking platform, managed infrastructure
and network services and provides a 'one stop' full service
solution for all banking segments in the one platform. TCS used its
integrated and collaborative program management framework to work
with the spectrum of stakeholders in India and Australia to achieve
the successful outcome.