Deutsche Bank and Tata Consultancy Services (TCS) announced that Deutsche Bank will implement TCS BaNCS Core Banking as its new Core Banking Platform for Global Transaction Banking (GTB).

The move is part of a global initiative to transform the bank’s transaction banking platform in more than 30 countries. TCS BaNCS will replace several solutions with one modern, transaction-safe and cost-efficient platform. Financials have not been disclosed.

Werner Steinmüller, Head of Global Transaction Banking and Member of the Group Executive Committee of Deutsche Bank said, “This is a significant step of strengthening our GTB platform worldwide. It is further proof of our firm commitment to deliver best-in-class services to our clients. We expect the new platform to deliver significant improvements that will benefit our clients”.

Wolfgang Gaertner, Chief Information Officer Core Banking Deutsche Bank, added: “State-of-the-art information technology is crucial for a bank and for its clients. That is why we are investing in cost-efficient platforms to push for a high degree of industrialization, standardization of processes and to support business growth”.

N. Ganapathy Subramaniam, President, TCS Financial Solutions said, “This stellar partnership with Deutsche Bank is a crowning moment for us. Deutsche Bank demonstrated rightly that technology is the inexorable choice for large financial institutions to become faster, more efficient and offer seamless customer experience.”