TCS announces the launch of enhanced TCS BaNCS™ Marketplace

By Leandra Monteiro

Tata Consultancy Services, a global IT services, consulting and business solutions organization, announced the launch of the enhanced TCS BaNCS™ Marketplace, an innovation hub for customers to collaborate and adopt partner solutions compatible with the TCS BaNCS suite, spanning banking, capital markets, and insurance domains.

Financial institutions are increasingly partnering with Tata Consultancy Services to accelerate their innovation and to leverage a larger co-innovation ecosystem curated by Tata Consultancy Services. The TCS BaNCS Marketplace offers them a rich ecosystem of solutions and APIs from FinTechs, InsurTechs, RiskTechs, RegTechs and other innovators.

Customers can collaborate and experiment with these partners in a secure and trusted sandbox environment, to co-innovate and rapidly prototype solutions that enhance end-customer experience and enable new value-added services and revenue streams. They can also select pre-packaged and curated solutions to accelerate their responses to evolving market needs.

For partners the Marketplace offers access to TCS BaNCS’ large installed base across the world and an opportunity to expand into newer markets. More than 100 partners are already part of the TCS BaNCS Marketplace. Of these, 50% are in different stages of monetization and 25% of the partner solutions have already been deployed at customer organizations.

To be hosted on the Marketplace, partners go through a process of curation to determine their strategic relevance to customers and complementarity with the TCS BaNCS product roadmap.

R Vivekanand, Co-Head, Tata Consultancy Services Financial Solutions said, “TCS BaNCS Marketplace gives our customers a place to collaborate and innovate with our curated set of partners in a secure, trusted environment, and deliver fresh experiences to their customers. The solutions on the Marketplace have evolved with the product direction of TCS BaNCS and the market, and its API-first approach not only facilitates easy and secure integration with multiple ecosystems, but also creates new business models and possibilities for our customers.”