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Tata Consultancy Services (TCS) on Monday announced that it will deploy its TCS BaNCS for Treasury platform at Indian Bank's Colombo branch in Sri Lanka, marking the platform's first entry into the Sri Lankan market.
The deployment will help Indian Bank modernise its overseas treasury operations, including foreign exchange transactions, investment management and money market activities. According to the company's official release, the platform has already been deployed across Indian Bank's operations in India and at GIFT City in Gujarat. Its expansion to Colombo will help the bank standardise treasury operations across different locations. The integrated platform will provide real-time visibility of financial positions, strengthen risk management and regulatory reporting, and reduce manual processing of transactions. S Viswanathan, CEO, Indian Bank, Sri Lanka Operations, said, "As our treasury operations in Sri Lanka evolve, we need a platform that can support growth with greater control, transparency and operational agility." He added, "The platform provides us with a modern foundation to address evolving banking requirements." The deployment is expected to help Indian Bank improve oversight of foreign exchange and market risks, accelerate transaction processing and strengthen compliance with regulatory requirements. Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, "With TCS BaNCS for Treasury, we are proud to support Indian Bank's overseas business in Sri Lanka with a solution that brings together deep treasury functionality, operational resilience, and regulatory confidence." TCS will also provide maintenance and integration support to connect the platform with the bank's existing systems and international market infrastructure. The company did not disclose the financial value of the agreement or the timeline for completing the deployment. (ANI)
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