FNS wins core tech transform deal with Hua Xia Bank

Stan Beer
Wednesday, 25 January 2006 06:24

IT Industry - Deals

Australian banking software company, Financial Network Services, acquired for $26 million by TATA Consultancy Services last year (TCS-FNS), has won a deal with Hua Xia Bank (HXB) to implement a core banking solution. The implementation of the BANCS core banking solution by TCS-FNS is part of the bank’s efforts to transform its operations and prepare for future growth.

Established approximately 12 years ago, has approximately 10 million accounts, spread across both personal and business areas.

HXB expects that the BANCS implementation will assist the bank in achieving its growth ambitions and respond to market demands as the Chinese financial market deregulates. HXB aims to set up a service-oriented banking system architecture — a system designed to enable the bank to accelerate the development and launch of new products and to provide the bank with strong technical support in serving its rapidly growing customer base.

"Operating in a gradually opened financial market, HXB will be inevitably facing various significant challenges due to the market maturity and standardization in compliance with international best practice", said Mr Zhao Yuehua, general manager of HXB IT Consolidation Office. "Given this background, advanced technology infrastructure has been identified as the backbone of the bank’s future growth. By setting up the IT Consolidation Office that plays an organising role in the bank toward the next generation IT architecture, and the cooperation with TCS-FNS, a world famous core banking system provider with strong reputation, we will be able to provide effective support to the demand of financial product and service innovation, thus helping the bank to secure a position among the most competitive banks in China and world market."

The solution, which includes deposit and loans, domestic and international payments, treasury management, corporate accounting and a multi-channel front-end solution for tellers and customers, is designed to enable HXB to manage all transactions through the one integrated solution. As part of its standard core banking software for HXB, TCS-FNS will incorporate localized functionality specific to deposits and loans in China.

"By selecting TCS-FNS, HXB demonstrates the increasing demand for banks in Asia Pacific and worldwide to standardize their core banking processes," said Tony Ward, CEO, TCS-FNS. "BANCS will enable HXB’s processes to be efficient, flexible and scalable, as evidenced by our customer base who have won many industry awards around the technology and business processes deployed."