New Delhi: The country’s largest software services firm Tata Consultancy Services (TCS) on Tuesday said it has partnered with Savvis for its ‘BaNCS’ suite of banking products to be offered on a cloud-enabled hosted environment in North America.
US-based Savvis sells managed hosting and colocation services. With about 50 data centres in North America, Europe and Asia, it has about 2,500 business and government customers.
As part of this agreement, the TCS BaNCS platform will be hosted on Savvis’ enterprise-class infrastructure and will include solutions for core banking, payments and anti-money laundering (AML,) corporate actions and insurance, TCS said in a statement.
No financial details were available.
TCS already offers similar TCS BaNCS-based hosted platforms in Europe and other parts of the world.
There is a clear trend and greater interest in financial institutions seeking managed service offerings.
“Our partnership is a compelling offering for banks, brokerages and insurance companies, who can free themselves from the IT infrastructure and application management complexities, tap into our Software-as-a-Service (SaaS) model and gain greater operating efficiencies,” TCS President
Financial Solutions N Ganapathy Subramaniam said.
Cloud computing allows storage of data and access t software on a pay-per-use model, helping companies to cut costs as they do not have to invest in infrastructure.
“This move will enable TCS BaNCS’ to enter those markets where hosting is desired or required such as mid-sized and small banks, which are ripe with opportunities,” said Bart Narter, Senior Vice-President Banking, Celent, a research and consulting firm.