CSC, HCL form joint venture to provide technology services, solutions to banks

IT companies CSC and HCL Technologies have signed an agreement to form a banking software and services company to provide technology services and solutions to the banking industry.

“The joint venture will invest in platform modernisation and product functionality enhancement and 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 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, the release added.

HCL will provide capital investment, its experience in product engineering and application implementation services, as well as banking sales and client engagement expertise. “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 is designed to meet those critical demands,” said Anant Gupta, president & CEO, HCL Technologies.

CSC president & CEO Mike Lawrie said that the company was working on continuously strengthening its existing offerings and bringing the benefits of next generation cloud, cyber security, mobility and big data analytics to its 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,” he said.