• Tuesday, May 24, 2022

Business

TCS powers digital transformation for two UK credit unions

TCS (Photo: Dhiraj Singh/Getty Images).

By: Radhakrishna N S

INDIA’S IT giant Tata Consultancy Services (TCS) has announced on Thursday (2) that the 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 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 digital banking platform.

Joe Hegarty, chief executive, Voyager Alliance Credit Union, said: “TCS has demonstrated the ability to rapidly deliver transformations and migrations in the UK, 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…”

TCS said in a statement: “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 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.

Voyager Alliance Credit Union was formed by the merger of Alliance Credit Union and Voyager Credit Union in 2006.

Their head office is located in Manchester and offers membership to individuals who work as road transport drivers, and other operatives, managers and directors in the transport and logistics business.

Voyager Alliance has grown steadily and is now one of the UK’s largest credit unions.

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