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