Bank of Bhutan has deployed Tata Consultancy Services (TCS) BaNCS for Core Banking. It is a componentised and scalable solution for core and internet banking.
The deployment has helped the bank to handle increase transaction volumes and improved success rate of delivery channel transactions, IT and business solutions company TCS said in a press statement on 14 September 2016.
All existing customers, accounts, lending and internet banking transcribers were migrated to TCS BaNCS as part of this transformative initiative. It went operational in ten months.
TCS BaNCS is designed around a business component model. This empowers the bank with a faster time to market for new products alongside automating key business processes, supporting multiple currencies and improving reporting, auditing and compliance.
With TCS BaNCS, Bank of Bhutan was able to simplify end-of-day and end-of-period runs as well as reduce manual intervention and related errors.
The availability of industry-standard Service-Oriented Architecture (SOA) compliant Application Programming Interface (API)s facilitated integration with various customer delivery channels. The bank is now able to respond faster across all its delivery channels, resulting in higher transaction volumes and greater accuracy.
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