Under the agreement announced overnight in the US, the two companies say they will invest in platform modernisation and product functionality enhancement to capitalise on the “proven capabilities of both companies in addressing the multi-billion-dollar, global core banking software market.”
CSC will provide its core banking, cards, payments and default management industry talent, software and product development expertise, while HCL will provide capital investment, extensive experience in product engineering and application implementation services, as well as banking sales and client engagement expertise.
“The banking industry is taking bold steps toward cloud deployments and digital integration with surrounding applications and platforms,” said Anant Gupta, president & CEO, HCL Technologies.
Mike Lawre, president and CEO of CSC said "CSC has led its banking clients through every major technology transformation for several decades."
“We are building on this success by continuously strengthening our existing offerings and bringing the benefits of next-generation cloud, cyber security, mobility and big data analytics to our global banking clients. With this new venture, CSC will team with HCL to deliver best-of-breed-technology services and solutions to the banking industry.”
Lawrie said the jointly owned entity will be able to draw on the “collective vision and expertise” of CSC and HCL to capitalise on the huge opportunity the market offers.
CSC and HCL list the benefits and capabilities of the new company as:
• Strengthening ongoing support for existing banking clients looking to extend the useful life of and investment in their current platforms
• Reaffirming the commitment to enhance and expand CSC’s core banking and cards platforms Hogan and CAMS into modernized end-to-end solutions under the Celeriti suite
• Advancing digital banking transformation solutions in conjunction with other partners.