Corporate Updates

CSC, HCL create joint venture for banking software & services

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pARTNERSHIP_rICOHGlobal IT leaders CSC and HCL Technologies signed a definitive joint venture agreement to form a banking software and services company.

The joint venture will invest in platform modernisation and product functionality enhancement. Moreover, it will capitalise on the proven capabilities of both companies in addressing the multi-billion-dollar, global core banking software market,” an official release said.

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.

“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 modernisation 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.”

“With this new venture, CSC will team with HCL to deliver best-of-breed-technology services and solutions to the banking industry,” said Mike Lawrie, president & CEO, CSC.

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