Banking Solutions : two major IT companies CSC and HCL forms joint venture to provide technology services, solutions to banks

Highlights:

  • The two big IT companies Computer Science Corporation (CSC) and Hindustan Computer Limited (HCL) have signed an agreement to form a new company.
  • The main aim is to provide technology services and solutions to the banking industry.
  • Their main focus will be on platform modernisation, product functionality enhancement and to capitalise their capabilities in addressing global core banking software market.
  • According to the agreement CSC  serves in 15 countries with 100 premier banking and financial services clients and will provide its core banking expertise for software and product development. HCL will provide funds, it's banking sales and client engagement expertise and also its experience in product engineering and application implementation services in order to modernise the banking industries.
  • The two entities have agreed to work in accordance to meet the increasing demands for data analytics services, regulatory compliance and multi-channel deployments from the banking industries.
  • CSC was founded in 1959 is an American MNC having presence in 70 countries that provides information technology (IT) services and professional services. 
  • It has consistently maintained its presence in Fortune 500 company list since 1995 and has bagged 185th rank in 2014 list.
  • Hindustan Computer Limited incorporated in 1991.
  • It is an Indian global IT services company that provides services across 31 countries in software consultation, as an independent software vendor, remote infrastructure management, Life science and Health care, logistics and many other service sectors.
  • It is among Forbes Asia's Fab 100 companies and is also among the India's Top 20 largest publicly traded companies