Tata Consultancy Services’ High Performance, Cloud-based Open Banking Platform will Help the Credit Union Maximize Growth Opportunities and Become Future-ready
LONDON | MUMBAI, September 26, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, has announced that Manchester-based Voyager Alliance Credit Union has selected TCS BaNCS™ Cloud for Core Banking as the core platform for its digital transformation. The implementation also covers its associate entity, Retail Credit Union.
The platform’s superior performance and open architecture-based core banking and digital channels will help the credit unions enable faster payments, expand their membership base, and future-proof their investments in technology.
Joe Hegarthy, Chief Executive, Voyager Alliance Credit Union, said, “We selected TCS BaNCS for its successful track record of having deployed cloud-based core banking solutions in the UK for credit unions and community banks. By taking our technology to the cloud with a future proof solution like TCS BaNCS, we aim to tap into the faster payments drive, transform our business digitally and widen our footprint.”
“TCS BaNCS Cloud for Core Banking is a secure, SaaS-based platform that provides comprehensive functionality and all the capabilities that financial institutions need to grow and transform in a Digital First, Cloud First world. Our proven rapid onboarding methodology reduces migration risk and delivers speed-to-market,” said R Vivekanand, Co-Head, TCS Financial Solutions. “We are delighted to migrate the Voyager Alliance and Retail Credit Unions on to our platform and to enable their Business 4.0™ transformation journeys.”
Leading credit unions in the UK have adopted TCS BaNCS Cloud for Core Banking to gain speed to market for new products. In India, the platform supports over 15,000 branches belonging to more than 170 small banks, processing over 100 million transactions per month.
TCS BaNCS Cloud is a plug-and-play, pay-as-you-go, one-stop suite of SaaS products and platforms catering to the end-to-end financial services value chain. It has been adopted by banks of varying sizes across the globe for its future-ready digital architecture, functionality, business agility and operational efficiency. The TCS BaNCS Cloud platforms’ proven application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance. TCS BaNCS Cloud incorporates operational procedures and infrastructure that are transparent, auditable, and compliant with stringent regulatory requirements.
TCS BaNCS’ modern, BIAN-compliant service-oriented architecture and support for open banking, has made it a critical component of banks’ Business 4.0™ transformations, enabling a digital strategy for customer engagement and participation in a rich partner ecosystem. The solution has one of the richest collections of API-enabled components addressing retail, corporate and private banking and wealth management, including digital banking for all segments. It supports industry standards such as ISO20022 and IFX. Additionally, TCS BaNCS has ready-to-use connectivity to blockchain-based applications and networks with TCS’ Quartz™ Blockchain solutions.
About Voyager Alliance and Retail Credit Unions
Voyager Alliance Credit Union was formed by the merger of Alliance Credit Union and Voyager Credit Union in 2006. Their head office is located in Manchester and offers membership to individuals who work as road transport drivers, other operatives and managers and directors in the transport and logistics business. Voyager Alliance has grown steadily and is now one of the UK’s largest Credit Unions offering a wide range of services.
In 2013, the leading retail charity retailTRUST, identified mounting concerns among retailers about the number of employees reporting financial difficulties. This prompted the charity to establish a Credit Union for the retail trade. Retail Credit Union is the result and is a trading name of Voyager Alliance Credit Union.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services, focused on helping financial institutions across the world transform their businesses with the TCS BaNCS suite of products and platforms. Deployed by more than 450 progressive organizations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms leverage technology to become agile, enhance customer experience, accelerate product innovation, and embrace open standards and blockchain to leverage the extended ecosystem and achieve their growth and transformation objectives. To know more about TCS BaNCS, please visit: www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 436,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com .
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TCS Financial Solutions Media Contacts:
Global
Dennis Roman, Global Head – Products & Platforms Marketing
Email: [email protected]
Phone: +1 561 865 3339
Global
Anjana Chandrika – Head, Marketing, Communications and Research, TCS BaNCS
Email: [email protected]
Phone: +91 8067256963
TCS Media Contacts
India
Email: [email protected]
Phone: +91 22 6778 9960
UK
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Phone: +44 20 3155 2421