Tata Consultancy Services (TCS) rose over 2%, touching the day's high at Rs1,167.90, after the company said Malaysia-based financial services group AmBank has decided to deploy the company's banking solution.
TCS announced that its universal financial services platform, TCS BaNCS, has been selected by Malaysia's AmBank to replace its core banking engine. This integrated banking suite, spanning conventional and Islamic banking, will support both retail banking and lending functionalities.
By deploying 'TCS BaNCS', AmBank will see its banking business expand into new areas, while enabling flexible development and the scalability to meet market and regulatory needs, it added.
Though the financial details were not divulged, TCS said the solution was selected after an evaluation process of 18 months.
'This win further solidifies TCS' intent to set up a regional support centre for TCS BaNCS in Kuala Lumpur', it said.
'To grow our business and support customers across both conventional and Islamic finance, it was critical to have a technically robust and functionally rich core banking system,' AmBank Group Managing Director Cheah Tek Kuang said.
TCS Financial Solutions President N Ganapathy Subramaniam said: 'We look forward to taking this partnership further with our regional support centre and Islamic Finance Centre of Excellence in Malaysia.'
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TCS announced that its universal financial services platform, TCS BaNCS, has been selected by Malaysia's AmBank to replace its core banking engine. This integrated banking suite, spanning conventional and Islamic banking, will support both retail banking and lending functionalities.
By deploying 'TCS BaNCS', AmBank will see its banking business expand into new areas, while enabling flexible development and the scalability to meet market and regulatory needs, it added.
Though the financial details were not divulged, TCS said the solution was selected after an evaluation process of 18 months.
'This win further solidifies TCS' intent to set up a regional support centre for TCS BaNCS in Kuala Lumpur', it said.
'To grow our business and support customers across both conventional and Islamic finance, it was critical to have a technically robust and functionally rich core banking system,' AmBank Group Managing Director Cheah Tek Kuang said.
TCS Financial Solutions President N Ganapathy Subramaniam said: 'We look forward to taking this partnership further with our regional support centre and Islamic Finance Centre of Excellence in Malaysia.'
....more info