Deutsche Bank is replacing multiple legacy systems with a banking platform from Tata Consultancy Services (TCS) as it updates its global transaction banking.
The bank has paid an undisclosed sum for TCS' BaNCS system, which will support operations in 30 countries.
BaNCS provides banking functionality including account services, interest and charges, liquidity management, funds transfer and payments, statements and risk management and reporting.
Wolfgang Gaertner, CIO for core banking at Deutsche Bank, said state-of-the-art information technology is crucial for a bank and for its clients. "That is why we are investing in cost-efficient platforms to push for a high degree of industrialisation, standardisation of processes and to support business growth," he said.
Banks, which have traditionally developed their own systems in-house, are increasingly buying systems from suppliers. This trend is partly the result of the need for banks to cut costs and the fact that, in reaction to this, suppliers have focussed on the sector and invested in developing systems.
Banks are currently looking to replace legacy systems as a result of a combination of pent up demand for change, mergers and acquisitions and demergers, the arrival of new banks and the need to obtain business in emerging markets.