A successful migration from legacy system to a state of the art cloud solution
LONDON | MUMBAI, December 22, 2016: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, has today announced that London Mutual Credit Union (LMCU) has completed the migration of their technology platforms to run on TCS BaNCS on the Cloud.
Lakshman “Lucky” Chandrasekera, Chief Executive of London Mutual Credit Union, “This is an unparalleled milestone for us as our members will have significantly enhanced responsiveness, state-of-the-art digital experience and secure banking. We will be more agile and flexible while reducing our operational & financial risks”.
N Ganapathy Subramaniam, President, TCS Financial Solutions, said, “The promise of TCS BaNCS on the Cloud is to empower smaller financial institutions with modern banking technology driving client centricity and digitalization. This go-live at London Mutual Credit Union is one such proof point and marks a new era in the credit union space in the United Kingdom.”
The TCS BaNCS solution has been implemented for all LMCU services including migration from the existing credit union current account solution. The solution is a fully integrated, omnichannel platform providing banking, cards and payments functions. With this platform, LMCU is now able to provide significantly enhanced services to its members, including:
· Real time access to transactional bank accounts, including current accounts.
· Same day transfers processed straight through, eliminating manual processes, and reducing operational and financial risk.
· Contactless debit cards and overdraft facility.
· Enhanced security for online and mobile transactions.
About London Mutual Credit Union
London Mutual Credit Union is a financial co-operative that exist for the benefits of our members who live and/or work in London Boroughs of Southwark, Lambeth Westminster or Camden. The credit union, like banks and building societies, is regulated by the Financial Conduct Authority (FCA) and authorised by the Prudential Regulation Authority (PRA). Savers' deposits are protected by the same Financial Services Compensation Scheme that covers banks and building societies.
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 BαNCS. Our mission is to provide best of breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 370 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. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 371,000 of the world’s best-trained consultants in 45 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. For more information, visit us at www.tcs.com