IT service providers CSC and HCL Technologies will form a joint venture to create a banking software and services company.
The joint venture will invest in platform modernization and product functionality enhancement. Both HCL and CSC did not disclose the size of the investment and additional details about their equity partnership.
CSC currently serves over 100 banking and financial services clients in 15 countries. CSC will provide its core banking, cards, payments and default management, software and product development expertise. HCL will provide capital investment, product engineering and application implementation services, as well as banking sales and client engagement expertise.
Anant Gupta, president and CEO, HCL Technologies, said: “Many of our banking clients are looking for modernization of their legacy platforms while simultaneously managing the increasing demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements.”
CSC’s Banking Center of Excellence focuses on enhancing the performance of flagship products such as Hogan Core Banking, CAMS II, PTS and EarlyResolution and developing new solutions such as Celeriti banking, cards, payments and lending to improve business performance and manage the complexities in banking environment.
Revenues from BFSI comprise over 25 percent of HCL total revenues. HCL has significant deals with some of the leading institutions in the BFSI sector.