TCS BaNCS adopted as the new digital core of Länsförsäkringar Bank

Tata Consultancy Services (TCS) has announced that Länsförsäkringar Bank has successfully deployed TCS BaNCS for Core Banking to power the next leg of their digital transformation journey.

To meet the rising expectations of Nordic consumers, create competitive differentiation, and participate in new business opportunities enabled by digital technologies, Länsförsäkringar Bank sought to replace its legacy systems with a modern banking and payments solution. It selected TCS BaNCS after a detailed evaluation, for its ability to support the bank’s digital ambitions and future growth.

TCS BaNCS was successfully deployed in one of the fastest implementations of its kind in the Swedish market. The solution supports the Swedish retail banking portfolio for loans processing, complex payments infrastructure – including integration with Bankgirot (Autogiro, DataClearing, Giro), real-time payments (SWISH), Privatgirot, PlusGirot and the Riksbank and reconciliations. TCS BaNCS also ensures compliance with EU and local legislation.

The new solution enables flexibility in services and pricing, and will help Länsförsäkringar Bank launch new and innovative products faster. Its architectural features enable easier integration with third-party systems. Moreover, a rich API repository will enable Open Banking and participation in the larger ecosystem.

Sven Eggefalk, CEO, Länsförsäkringar Bank, said, “Our vision was to enhance our ability to adapt to the new landscape of the banking ecosystem, and speed up time to market. TCS has delivered on their promise, and TCS BaNCS fulfills our high expectations. The successful on-time deployment of a contemporary banking solution such as TCS BaNCS is testimony to the fact that TCS is the right transformation partner for us. TCS BaNCS has helped us re-align our business model to the digital world, reinforcing our position in the market as a leader and innovator.”

Venkateshwaran Srinivasan, Head, TCS Financial Solutions, said, “The Business 4.0 world offers opportunities aplenty to businesses that are willing to transform themselves to take advantage of the market opportunities afforded by pervasive digital adoption. We are delighted at this successful deployment of TCS BaNCS at Länsförsäkringar Bank, which is truly transformative and marks an inflection point in the Bank’s digital transformation journey. The end-to-end transformation and smooth migration set a benchmark in the Nordics market from a program execution standpoint. Länsförsäkringar Bank now offers superior levels of customer experience and enhanced agility in bringing better customer propositions to market.”

TCS BaNCS for Core Banking helps banks and financial institutions cater to customer needs throughout their life journeys, based on anticipated requirements and over the devices of their choice. Designed on the Digital First, Cloud First philosophy, the solution comes with a high performing processing engine and Open Banking capabilities. It is a collection of loosely coupled components, services, and APIs that implement standards from BIAN and IFX for a wide range of technology environments seamlessly, laying the framework for both digital and analytics preparedness. It supports a variety of products and services covering assets and liabilities and can fit the business and operating model of a bank with an assured 24x7x365 availability, as evidenced at the 450 sites where it is installed successfully.