IDFC Bank has inked a pact with IT services major Tata Consultancy Services to use TCS BaNCS for its core banking solutions.
IDFC Bank started operations on October 1 this year with 23 branches, powered by TCS BaNCS.
The core banking solution equips IDFC Bank with a “flexible, easy-to-scale system that will help it deliver a differentiated customer experience”, Tata Consultancy Services said in a statement.
TCS has deployed more than 300 similar projects worldwide.
In about nine months, IDFC Bank has implemented solutions for core banking, corporate loan origination, financial inclusion and Global Limits and Exposure Management (GLEM) from the TCS BaNCS suite and has integrated them with a host of additional systems within the bank.
It has started operations in rural banking, corporate and wholesale banking and treasury, in the first phase. It is expected to soon roll out personal and SME banking services.