Tata Consultancy Services today said that the Commonwealth Bank of Australia has gone live on their BaNCS platform, and is supporting its first Indian branch in Mumbai.
The Commonwealth Bank is using TCS' 'bank in a box' solution to provide trade finance, remittance and foreign exchange services to organisations 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.
"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," said David Boyle, CIO, International Financial Services, Commonwealth Bank.
The Commonwealth Bank obtained its banking licence in June 2009 in India, and went live in April 2010 before the full branch opening in August 2010.