IT services companies CSC and HCL Technologies has announced the signing of a definitive joint venture agreement to form a banking software and services company. The joint venture will invest in platform modernization and product functionalityenhancement and will capitalize on the proven capabilities of both companies in addressing the multi-billion-dollar, global core banking software market.
CSC, which currently serves over 100 premier banking and financial services clients in 15 countries, will provide its core banking, cards, payments anddefault management industry talent, software and product development expertise. HCL will provide capital investment, extensive experience in productengineering 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. “Many of our banking clients are looking for modernization of their legacy platforms whilesimultaneously managing the increasing demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements.The joint entity with CSC is designed to meet those critical demands with new and innovative solutions and to expedite the modernization transformation journey of our banking clients.”
“CSC has led its banking clients through every major technology transformation for several decades,” said Mike Lawrie, president & CEO, CSC. “We are building on this success by continuously strengthening our existing offerings and bringing the benefits of next-generation cloud, cyber security, mobility andbig 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.”
The jointly owned entity will be able to draw on the collective vision and expertise of CSC and HCL to capitalize on the huge opportunity the market offers.The combination of the unique assets from both companies will allow banking customers to better seize on the power of risk- managed modernization andtake advantage of a more scalable global services footprint. The benefits and capabilities of the new company include:
- 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 solutionsunder the Celeriti suite;
- Advancing digital banking transformation solutions in conjunction with other partners.