MUMBAI, India, Sept. 28 / / -- TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, and HDFC Bank, rated as one of Asia's leading banks, today announced the successful implementation by HDFC Bank of TCS BANCS Treasury solution.
TCS BANCS Treasury is an integrated treasury management and accounting system that seamlessly incorporates Web-based front, middle and back office functions. The solution supports Straight Through Processing (STP) to ensure automatic deal capture, processing and messaging activities.
HDFC Bank selected TCS BANCS Treasury based on its comprehensive functionality, highly flexible technology and the TCS iQMS(TM) implementation methodology. With this implementation, HDFC Bank is better able to support increased volumes in its Treasury operations division, and is benefiting from greater speed-to-market and enhanced revenue growth opportunities. TCS BANCS Treasury has provided HDFC Bank with improved capabilities in market risk management and middle office operations. TCS Financial Solutions has also supported HDFC Bank's transition from eight legacy systems to one standardized technology platform which was implemented in an aggressive nine-month timeframe.
"HDFC Bank is experiencing outstanding growth in its Treasury operations. TCS Financial Solutions is the ideal partner to help us accelerate this growth, better serve our customers and strengthen our position in the Indian banking industry," said Mr. C. N. Ram, head of Information Technology at HDFC Bank. "We selected TCS Financial Solutions because of the company's excellent understanding of our business goals and technical requirements, as well as its superior customer service and seamless implementation process."
"TCS BANCS Treasury solution provides leading financial institutions, such as HDFC Bank, with strategic and differentiated capabilities that bolster revenue growth, improve operational efficiency and mitigate risk," said Mr. N. G. Subramaniam, president of TCS Financial Solutions. "The implementation of the TCS BANCS Treasury solution at HDFC Bank highlights TCS Financial Solutions commitment to global service delivery and quality project-driven project management."
About HDFC Bank
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its over 10 million customers across hundred of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. The bank's competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 10 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality. As of June 30, 2007, the Bank had a network of 753 branches and 1,605 ATMs in 320 towns/cities. For the year ended Mar 31, 2007, the bank reported a net profit of INR 11.42 billion (Rs1142 crore), 31% higher over the previous year ended March 31, 2006. Total deposits at INR 682.98 billion (Rs.68,298 crore) were over 22% higher. Total balance sheet size too grew by 24% to INR 912.36 billion (Rs.91,236 crore). Leading Indian and international publications have recognized the bank for its performance and quality. For further information please visit http://www.hdfcbank.com/
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BANCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base in excess of 200 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model(TM), recognized as the benchmark of excellence in software development.
A part of the Tata Group, India's largest industrial conglomerate, TCS has over 94,000 of the world's best trained IT consultants in 47 countries. The company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March, 2007 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at http://www.tcs.com/.
Source: Tata Consultancy Services Ltd
CONTACT: India, +91 22 6750 9999, pradipta.bagchi@tcs.com, or USA-Canada, +1-646-313-4594, m.mccabe@tcs.com, or APAC, +65 6372 4931, vishwendra.v@tcs.com, or Europe-UK, +44 0207 245 1388, ross.roy@tcs.com, or Latin America, +56 (2) 2511604, daniela.bertoglia@tcs.cl, all of Tata Consultancy Services; or India, +91 22 6652 1038, neeraj.jha@hdfcbank.com, of HDFC Bank
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