Global IT leaders CSC and HCL Technologies signs a strategic MoU to build and focus on banking software and services company. The joint venture will invest in platform modernization and product functionality enhancement and will capitalize on the proven capabilities of both companies in addressing the multi-billion-dollar, global core banking software market.
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 solutions under the Celeriti suite.
- Advancing digital banking transformation solutions in conjunction with other partners.
CSC, which currently serves over 100 premier banking and financial services clients in 15 countries, will provide its core banking, cards, payments and default management industry talent, software and product development expertise. HCL will provide capital investment, extensive experience in product engineering and application implementation services, as well as banking sales and client engagement expertise.
Talking on this Joint Venture, Anant Gupta, president & CEO, HCL Technologies, said “The banking industry is taking bold steps toward cloud deployments and digital integration with surrounding applications and platforms.” “Many of our banking clients are looking for modernization of their legacy platforms while simultaneously 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 and big 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 leverage 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 and take advantage of a more scalable global services footprint.