Deutsche Bank has decided to implement Tata Consultancy Services' core banking software in a move to transform the bank’s global transaction business in more than 30 countries. Tata's TCS Bancs software will replace several solutions with one modern platform.
With more than 80,000 employees in 73 countries, Deutsche Bank has a large presence in Europe and is growing in North America, Asia and certain emerging markets. The partnership with TCS is intended to help the bank strengthen its global transaction banking business. Financials have not been disclosed.
"State-of-the-art information technology is crucial for a bank and for its clients," said Wolfgang Gaertner, chief information officer, core banking at Deutsche Bank. "That is why we are investing in cost-efficient platforms to push for a high degree of industrialization, standardization of processes and to support business growth."
TCS Bancs Core Banking provides transaction banking functionality including account services, interest and charges, limits and facilities, liquidity management, funds transfer and payments, statements and risk management and reporting. As a first step, Deutsche Bank migrated its branch in Abu Dhabi to the new core banking platform on December 11. The branch opened in January 2010.