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Saudi Real Estate Refinance Company deploys TCS BaNCS

Posted On: 2018-03-22 01:37:38

Tata Consultancy Services (TCS), (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organization, announced that Saudi Real Estate Refinance Company (SRC) has implemented a single, integrated technology platform for its core operations to refinance real estate, a first of its nature deployment in the Middle East region. TCS BaNCS will now service the complete mortgage refinancing lifecycle including the Treasury function as well as finance, human resources and payroll administration through its partner network.

The choice of TCS BaNCS as its preferred technology platform was determined by its comprehensive functional capability, and the firm's execution rigor and domain expertise demonstrated globally. Mr.Fabrice Susini, CEO, Saudi Real Estate Refinance Company, said, "Our vision directly tracks the Saudi Kingdom's 2020 National Transformation Program which calls for a 100% increase in real estate's GDP contribution from 5% to 10% by 2020. To reach this ambitious goal, we needed a flexible and agile platform like TCS BaNCS. The solution's modern functionality and architecture; the excellent fit with our technology and organizational needs; and the deep commitment and support demonstrated by the TCS team are significant aspects of this partnership."

Venkateshwaran Srinivasan, Head - TCS Financial Solutions, said, "SRC's vision to boost real estate is a nation building initiative and we are committed to this strategic program. This implementation of TCS BaNCS by SRC underscores our commitment to the market as well the versatility of the TCS BaNCS solution, which can address the entire spectrum of needs across the financial value chain, offering breadth of functionality as well depth to cater to specific niche segments."

Neeraj Srivastava, Country Manager, TCS Saudi Arabia, said, "We are delighted to have partnered with SRC in this important initiative. Saudi Arabia is a strategic market for us in the Middle East and this pioneer program will positively impact the entire region."

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2854.6 as compared to the previous close of Rs. 2859.15. The total number of shares traded during the day was 99762 in over 3253 trades.

The stock hit an intraday high of Rs. 2882 and intraday low of 2845. The net turnover during the day was Rs. 285061909.


Source: Equity Bulls

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