Voyager Alliance Credit Union chooses TCS' Cloud Solution for Core Banking

Tata Consultancy Services recently announced Manchester-based Voyager Alliance Credit Union will use its TCS BaNCS Cloud for Core Banking to facilitate the digital transformation.

Voyager Alliance was set up in the year 2006 as a financial services co-operative institution catering to stakeholders in the logistics sectors right from road transport drivers to the C-level executives. Considered one of the largest credit unions in the UK, it provides the membership to industry stakeholders and offers services such as loans.

The announcement says that TCS will implement digital banking solutions for the financial lending company Retail Credit Union, as an associate entity of Voyager Alliance Credit Union.

TCS BaNCS Cloud platform is an open banking platform and boosts Banking Industry Architecture Network (BIAN) -compliant service-oriented architecture.

Executive Opinion

Chief Executive, Voyager Alliance Credit Union, Joe Hegarthy, said, "We selected TCS BaNCS for its successful track record of having deployed cloud-based core banking solutions in the UK for credit unions and community banks. By taking our technology to the cloud with a future proof solution like TCS BaNCS, we aim to tap into the faster payments drive, transform our business digitally, and widen our footprint."

Co-Head, TCS Financial Solutions, R Vivekanand, said, "TCS BaNCS Cloud for Core Banking is a secure, SaaS-based platform that provides comprehensive functionality and all the capabilities that financial institutions need to grow and transform in a Digital First, Cloud First world. Our proven rapid onboarding methodology reduces migration risk and delivers speed-to-market. We are delighted to migrate the Voyager Alliance and Retail Credit Unions on to our platform and to enable their Business 4.0™ transformation journeys."

TCS BaNCS cloud platform

TCS BaNCS cloud for the core banking will help the Voyager Alliance and its associated entity to process payments faster, expand membership base and even make their investment in technology more efficient and effective, the announcement notes.

TCS BaNCS cloud for the core banking includes the API’s, which facilitate retail, private, and corporate banking along with wealth management. The solution is also capable of harnessing blockchain-based applications, particularly the Quartz, the in house blockchain solution.

Previously, QNB Bank, which is a bank based out of Qatar, has signed an agreement with the TCS for its BaNCS global securities platform.

TCS also rolled out its BaNCS to offer asset servicing for asset managers, brokers, private banks, and investment banks.

In April 2019, TCS announced that it used cash coins on the Quartz Blockchain-powered BaNCS Network to successfully execute cross-border securities settlement between two central securities depositories (CSDs).