Cloud Powers Digital Transformation for Two UK-based Credit Unions

Cloud Powers Digital Transformation for Two UK-based Credit Unions
03.01.2020 08:25 am

Cloud Powers Digital Transformation for Two UK-based Credit Unions


Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, has announced that Manchester-based Voyager Alliance Credit Union and its associate entity, Retail Credit Union, have successfully moved to the TCS BaNCS™ Cloud for Banking to digitally transform their core banking operations and enable faster payments.

Voyager Alliance Credit Union, in its quest to attract new savers, wanted to adopt digital capabilities to expand the range of their product and service offerings and enable open banking to connect with a wide range of partners and enlarge its ecosystem. It selected TCS BaNCS Cloud for Banking to drive this transformation since it has the richest collection of API-enabled components in a SaaS model addressing retail, corporate, private banking and wealth management, including digital banking for all segments.

TCS provided the credit unions with an accelerated migration from the Cornerstone CUEP platform to the high-performance digital banking platform, in record time. TCS BaNCS’ superior performance and open architecture-based core banking and digital channels will help the credit unions enable faster payments, expand their membership base, and future-proof their investments in technology.

Joe Hegarty, Chief Executive, Voyager Alliance Credit Union, said, “TCS has demonstrated the ability to rapidly deliver transformations and migrations in the UK, in Europe, and around the world. The TCS partnership and a high-performance solution like TCS BaNCS has helped Voyager Alliance migrate from the existing Cornerstone platform within a very short time, providing our customers a superior experience while ensuring our operational stability. The solution is future-ready as it supports open banking, faster payments and gives us the ability to serve our members better and grow our membership volumes in a short period.”

“We are delighted to onboard Voyager Alliance Credit Union and Retail Credit Union on to our platform in record time validating our Digital First, Cloud First architecture, and commitment to the UK Credit Union market,” said R Vivekanand, Co-Head, TCS Financial Solutions. “TCS BaNCS Cloud for Banking is a secure, SaaS-based platform that provides comprehensive functionality and all the capabilities that financial institutions need for growth and transformation in their Business 4.0™ journeys. Our proven on-boarding methodology reduces migration risk and delivers speed-to-market.”

TCS BaNCS for 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. It is a collection of loosely coupled components, services and APIs that align to standards from BIAN and IFX, supporting 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.

TCS BaNCS Cloud for Banking includes a full range of market adaptations to regional regulations, including connectivity with the various payment schemes used in each market. The cloud-based core banking solution of TCS BaNCS supports London Mutual Credit Union, Capital Credit Union and ScotWest Credit Union in Scotland, and others. With TCS BaNCS Cloud, UK credit unions and banks can safely modernize their core systems to best prepare themselves for the rapidly emerging future.

Related News

Pure Storage Expands FlashBlade, the Industry’s First Native Unified, Fast File and Object Platform

Pure Storage (NYSE: PSTG), the IT pioneer that delivers storage as a service, today announced the availability of Purity//FB 3.0 for FlashBladeTM, the next generation of the... Read more »

Winners of 2020 FIS Impact Awards Showcase Innovation While Giving Back to the Community

FIS™ (NYSE: FIS), a global leader in financial services technology, today announced the winners of the 2020 FIS Impact... Read more »

“Digital Sureties” – Over 30 Italian Organizations Together For The Project Promoted By CeTIF - Cattolica University, SIA And Reply

More than thirty organizations in the insurance, banking and finance, public and business sectors, as well as associations and institutions, including Guardia di Finanza (the... Read more »

SmartSearch rises to 15th in the Sunday Times Profit Track List

Anti-money-laundering pioneers SmartSearch this Sunday achieved 15th position in the Sunday Times Profit Track list. The list... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel