Mumbai-based IT services provider Tata Consultancy Services (TCS) has deployed its cloud-based banking solutions platform to facilitate the digital transformation of Voyager Alliance Credit Union, a Manchester-based co-operative institution offering financial services.
As part of the agreement, it will also implement digital banking solutions for financial lending company Retail Credit Union, an associate entity of Voyager Alliance.
The IT services company has deployed its BaNCS cloud for core banking solution that will help the Voyager Alliance and its associated entity process payments faster, expand membership base and make their investments in technology more effective, an official statement 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,” said Joe Hegarthy, chief executive officer, Voyager Alliance Credit Union said in the statement.
TCS BaNCS (bank assessment for non-point source consequences of sediment) cloud is a suite of SaaS (software-as-a-service) products which help carry out end-to-end financial services, the statement said.
TCS BaNCS cloud for core banking includes APIs (application programming interfaces) which facilitate retail, corporate and private banking along with wealth management. The solution is also capable of harnessing blockchain-based applications, particularly Quartz, the in-house blockchain solution.
Voyager Alliance was set up in 2006 as a financial services co-operative institution catering to stakeholders in the logistics sectors right from road transport drivers to C-level executives. Considered one of the largest credit unions in the UK, it offers membership to industry stakeholders and provides services such as loans.
Recent developments related to TCS
Earlier this week, Qatar-based QNB Bank signed on TCS for its BaNCS global securities platform. As part of the deal, TCS will provide solutions for capital market operations and help the bank leverage technologies such as artificial intelligence (AI) and machine learning (ML).
TCS also rolled out its TCS BaNCS to provide asset servicing for brokers, asset managers, investment banks and private banks.
In June, Sweden-based Länsförsäkringar Bank deployed the TCS BaNCS suite of solutions for its digital transformation journey.