CSC and HCL Embarks on a Joint Venture to Start New Banking Software Firm

By CIOReview | Thursday, July 30, 2015
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FALLS CHURCH, VA:  IT services and solution provider CSC and HCL Technologies sign up for a joint venture agreement to establish a new banking software and services company.  The project will combine a strong set of assets- people, technology, process and services to accelerate growth for banking customers.

CSC, banking application software will support the venture by providing its management talent, software- product development solutions and HCL on the other hand will bring its experience in providing capital investment, product engineering and application implementation services.

The co-owned company will invest in banking platform modernization and cultivate its product functionality to manage the increasing demands for secured data storage. It will be also focusing on installing cloud storage, big data analysis services, cyber security transaction while addressing its banking software clients.

“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” says Anant Gupta, President and CEO, HCL Technologies.

The joint venture will emphasize on risk management modernization and will strengthen the opportunity that market offers. The company’s future goals includes enhancing ongoing support for existing banking clients, it will also expand CSC’s core banking and cards platforms Hogan and CAMS which will provide real time processing and facilitate debit card system respectively with a lower cost ownership. It will also digitize banking transformation solution with its banking partners.