Russian Federation's BIN Bank selects TCS and FNS for their BANCS core banking solution

Tata Consultancy Services (TCS), and its subsidiary FNS have signed a multi-million dollar agreement to supply BANCS core banking software to Russian Federation based BIN Bank The announcement follows on the success of the BANCS core banking solution in obtaining the top retail / private position in the 2006 IBS Sales League Table.

BIN Bank will replace its core banking system with BANCS modules for retail, trade, treasury, deposits, loans, payments, cards, and branch delivery to provide online, real time transaction processing and reporting across multiple channels in a 24 / 7 environment. The bank is a leader in achieving superior customer service for its clients via the adoption of innovative banking technology. The bank's network includes over 18 retail branches in Moscow, 21 regional branches and 15 representative offices throughout the Russian Federation.

Established in 1993, BIN Bank has a growing network of 26,500 corporate customers and a retail customer base of 1,39,000. The banks modern banking portfolio comprises over 2,490 ATMs, 32 self-service terminals, and approximately 1,40,000 payment cards.

"Technology is the underlying foundation that empowers a modern financial institution like BIN Bank to be successful. This core banking initiative is a critical component of our business strategy as we continue to maximise new product development initiatives and bank profitability," said Mikhail O Shishkhanov, president of BIN Bank.

"By leveraging our in-depth knowledge of core banking, clients such as BIN Bank can experience certainty in achieving operational efficiency from the BANCS software solution. Recognised as one of the world's leading IT banking solution providers, we are ready to extend our product offering in the Russian Federation. This BFS product suite continues across wholesale banking, capital markets, wealth management and insurance. Our entry into the Russian Federation is part of long-term growth plans in the region," stated N Ganapathy Subramaniam, head of banking practice at Tata Consultancy Services.

Source : Equity Bulls

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