Deutsche Bank has selected Indian offshore outsourcing provider Tata Consultancy Services to supply a new global core banking system, the companies announced this morning.
The German bank will replace a number of existing systems across 30 countries with TCS’ BaNCS platform. It started the implementation earlier this month by moving its Abu Dhabi branch onto the platform.
The project is part of a standardisation process currently underway at Deutsche Bank. "We are investing in cost-efficient platforms to push for a high degree of industrialisation, standardisation of processes and to support business growth," said the organisation’s CIO for core banking Wolfgang Gaernter in a statement.
Financial terms of the deal were not disclosed, nor which countries the system will be used in. In January 2010, Deutsche Bank announced a separate core banking software deal with SAP.
TCS got its hands on the BaNCS platform, first built in 1986, when it acquired Australian software vendor FNS in 2005 for $26 million. It has 270 customers, the most high profile of which, including State Bank of India and Bank of China, come from emerging markets.
In September 2010, analyst company Gartner placed TCS among the leaders of the retail core banking software market, ahead of Oracle and Misys but behind SAP and Indian rival Infosys.
TCS "has demonstrated considerable product development execution in building a service-oriented, component-based core banking solution that is competing effectively with the leaders in the core banking market," Gartner said at the time, but it added that better coordination between the comany’s product development and service delivery divisions was needed.