TCS BaNCS Customer Newsletter TCS BaNCS #30 (October 2018) | Page 23

These longstanding relationships and recent wins Our longevity as a trusted business partner in Australia is evident from our long-term relationships: demonstrate the tremendous efforts that TCS makes to localize the TCS BaNCS product suite, including sustained compliance for local markets. To illustrate, TCS BaNCS for Insurance had to comply with 147 separate laws in Australia, a multiyear initiative that we Australia’s first direct bank started on our core banking validated with our accounting firms. One advisor judged system in 1999 and has grown to become Australia’s our level of compliance and flexibility as being ahead of fifth-largest bank. everyone in the Australian insurance marketplace. A Pacific Island bank has gone through multiple We take our obligations seriously. Whether it’s KYC, ownership changes and name changes over the past AML, controls to prevent security breaches, or day- 20 years, and for the entire time, we have been their to-day operational support, we make certain that all core banking solution provider. relevant compliance, security and safety issues are duly Australia’s largest credit union won the 2014 Celent considered across the banking, capital markets, and Model Bank Award for its implementation of insurance domains. TCS BaNCS Core Banking, including online and In fact, our high level of expertise in the Australian mobile banking, and the credit union continues to marketplace is facilitating the launch of new startup innovate with new digital services. banks. Australia’s banking regulator recently started Plus, we have started a long-term journey toward the next generation of core banking with our deployment of the TCS BaNCS Universal Banking solution for a offering new “restricted” banking licenses that give market entrants a two-year rolling start for accepting limited deposits, allowing them to demonstrate their major Australian institution. Phase 1 has already gone operational fitness prior to opening their doors to the live, and Phase 2 will soon follow. broader public. TCS BaNCS will be enabling startup banks to launch quickly with a complete set of tested TCS BaNCS is also gaining ground in Australia in the domains of Capital Markets and Insurance. capabilities, including support for highly-innovative business models along with multi-language capabilities that represent an important element in our diverse Australian culture. The Australian market is changing quickly, and TCS BaNCS customers have the power and flexibility to thrive amidst these changes. TCS BaNCS for Corporate Actions was our first cloud- based offering in the region. TCS BaNCS for Market Infrastructure now supports the operating requirements of a local stock exchange. TCS BaNCS for Insurance is at the center of a group life business building an entire technology ecosystem l around the capabilities of the TCS BaNCS policy administration system. 19