The Computer Science Corporation (CSC) and Hindustan Computer Limited (HCL) on 23 July 2015 signed an agreement to form a Joint Venture company to provide technology services and solutions to the banking industry.
The joint venture will invest in platform modernization and product functionality enhancement and will capitalize on the proven capabilities of both companies in addressing the multi-billion-dollar, global core banking software market.
Benefits and capabilities of the Joint Venture
• Strengthening ongoing support for existing banking clients looking to extend the useful life and investment in their current platforms
• Reaffirming the commitment to enhance and expand CSC’s core banking and cards platforms Hogan and CAMS into modernized end-to-end solutions under the Celeriti suite
• Advancing digital banking transformation solutions in conjunction with other partners
According to the agreement, CSC will provide its core banking expertise for software and product development. While, HCL will provide funds, its banking sales, client engagement expertise and its experience in product engineering and application implementation services in order to modernise the banking industries.
Moreover, both the companies agreed to work in accordance to meet the increasing demands for data analytics services, regulatory compliance and multi-channel deployments from the banking industries.
About Computer Science Corporation
Founded in 1959, CSC is an American MNC having presence in 70 countries that provides information technology (IT) services and professional services.
CSC is a global leader in specialized banking application software that addresses core banking, cards, payments and default management solutions.
About Hindustan Computer Limited
Incorporated in 1991 by Shiv Nadar and Arjun Malhotra, HCL is an Indian global IT services company that provides holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare & Life sciences across 31 countries.
HCL is a leading provider of application, business process and infrastructure services to the Global Banking and Financial services (BFSI) sector.
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Who: CSC and HCL
What: Formed Joint Venture
When: 23 July 2015