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MyState rolls out Tata’s BaNCS core banking platform

MyState rolls out Tata’s BaNCS core banking platform

Financial services company says the system will deliver faster business processes

Tasmanian-based financial services group MyState (ASX:MYS) has replaced its Fiserv ICBS core banking platform with Tata Consultancy Services’ (TCS) BaNCS platform.

The BaNCS system is operated by the Indian outsourcer’s Financial Solutions division.

A MyState spokesperson told CIO Australia that it will be able to develop new banking products more quickly using the system.

“Standard features of BaNCS allow rapid product development through parameter set up and modification.

“We chose the platform because of its architecture, business ready product set, compliance and in-country support,” the spokesperson said.

MyState managing director John Gilbert said the implementation is part of an ongoing business improvement strategy. This includes an upgrade of its Internet banking website and loans origination system.

“Large scale technology transformation projects come with significant risks. However, the project team has worked hard over the last 12 months to ensure the best possible outcome with a minimum amount of disruption to our customers,” he said in a statement.

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