Tata Consultancy Services (TCS), a leading Indian IT company, has partnered with the Council of Europe Development Bank (CEB) to streamline the bank’s complex financial transactions. The collaboration aims to modernize and automate CEB’s reconciliation processes using TCS’s AI-driven solution, TCS BaNCSTM for Reconciliations. This partnership is significant as it showcases India’s IT leadership in global financial transformation and introduces AI and automation into core banking functions of a major European development bank.
The CEB, headquartered in Paris, has 43 European countries as its members and focuses on promoting social inclusion and development in sectors like education, public health, and housing. The bank’s mission is to improve operational efficiency to support social development projects across Europe. The partnership with TCS aligns with this mission, as it aims to increase operational transparency, efficiency, and control.
The TCS BaNCSTM for Reconciliations solution will automate and modernize CEB’s reconciliation processes, providing features such as automation across the lifecycle, transaction matching, exception handling, investigation, and reporting. The solution seamlessly integrates with CEB’s core banking systems, enabling faster and more accurate daily reconciliations. The use of artificial intelligence and automation will provide real-time visibility and reduced turnaround time, resulting in benefits such as less manual effort, greater transparency, enhanced control over operations, and improved decision-making through timely data.
The partnership is a significant development in the financial sector, highlighting the potential of AI and automation in transforming core banking functions. The collaboration between TCS and CEB demonstrates the growing importance of Indian IT companies in global financial transformation and their ability to provide innovative solutions to complex financial challenges. Overall, the partnership is expected to improve the efficiency and effectiveness of CEB’s operations, enabling the bank to better support its social development projects across Europe.