Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its customer, Bank Yahav,is successfully operational with the TCS BaNCS Universal Banking platform, in a first of its kind for the Israeli market.
In 2014, Bank Yahav selected Tata Consultancy Services as a partner to modernize its banking technology with a view to adopt global standards in operations and processes. TCS established a robust IT infrastructure and banking application landscape to the exacting standards of the Bank and the regulators. The solution, centered on TCS BaNCS, is hosted and integrated with the local payments infrastructure, ATM/PoS network and with connectivity to the Tel Aviv Stock Exchange, among others.
Shaul Gelbard, CEO, Bank Yahav, said, “The critical and successful role that TCS played along with the Bank Yahav team, in shaping our banking transformation makes them a trusted partner. Our Bank and TCS, working closely together, succeeded inachieving our strategic imperative of running our own systems, giving us the agility to anticipate and meet our customers’ needs while ensuring we comply with Bank of Israel’s direction on core transformation.”
Eyal Moskal, Country Manager, Tata Consultancy Services, Israel, commented, “The successful deployment at Bank Yahav is a reflection of our deep commitment to the Israeli market and is an important milestone in our journey in Israel. The breadth of the solutions provided by TCS demonstrates our capability to provide an integrated, end-to-end offering to our customers across solutions, platforms and services.”
Gadi Davidiyan, CIO, Bank Yahav, added “With the successful deployment of pure Java based TCS BaNCS components and services, we are able to provide our customers with an online, real-time system and a 360-degree view of their financial holdings, with simplified banking, risk and compliance processes. No other core banking vendor has been able to execute a successful transformation program in the Israeli market until now. TCS’ support in running our Bank’s IT and Operations infrastructure, information security and regulatory compliance needs has proven invaluable. We will shortly be further enhancing client experience and increasing our digital adoption with TCS BaNCS Digital. With the successful deployment of TCS BaNCS, we have reached a significant milestone in the evolution of the banking industry in Israel.”
N Ganapathy Subramaniam, Chief Operating Officer and Executive Director, Tata Consultancy Services, said, “We are pleased that Bank Yahav is live on TCS BaNCS. It is to the full credit of the Bank, our partner, HMS and our team to have enabled the complex delinking of their IT systems from Bank Hapoalim onto our platform so uneventfully. The fact that such a complex system transition has been accomplished in a big bang manner makes it truly one of its kind globally and speaks volumes of the planning and execution discipline on the part of all the stakeholders.”
The TCS solution used by the Bank across the front, mid and back-office operations as well the Bank’s Independent Financial Adviser (IFA) network, supports all the needs of the Israeli market across banking, securities and payments with comprehensive advisory and portfolio management services and complying with over 1,500 regulatory provisions. The project involved delivery and deployment of over 500 interfaces into a complex ecosystem with TCS BaNCS, includinga few local applications.
About Bank Yahav
Bank Yahav for Government Employees Ltd. is an Israeli Bank headquartered in Jerusalem. The Bank has over 50 Branches spread across Israel and is primarily a retail bank providing a wide spectrum of services to its customer base across banking, payments, securities including both local and international markets and advisory services. The Bank is 50% owned by United Mizrachi Tefahot Bank, which is one of the top 4 Banks in Israel.
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 BaNCS. 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, capital markets and insurance industries worldwide.