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A successful migration from legacy system to a state of the art cloud solution

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, has today announced that London Mutual Credit Union (LMCU) has completed the migration of their technology platforms to run on TCS BaNCS on the Cloud.

Lakshman “Lucky” Chandrasekera, Chief Executive of London Mutual Credit Union, “This is an unparalleled milestone for us as our members will have significantly enhanced responsiveness, state-of-the-art digital experience and secure banking. We will be more agile and flexible while reducing our operational & financial risks”.

N Ganapathy Subramaniam, President, TCS Financial Solutions, said, “The promise of TCS BaNCS on the Cloud is to empower smaller financial institutions with modern banking technology driving client centricity and digitalization. This go-live at London Mutual Credit Union is one such proof point and marks a new era in the credit union space in the United Kingdom.”

The TCS BaNCS solution has been implemented for all LMCU services including migration from the existing credit union current account solution. The solution is a fully integrated, omnichannel platform providing banking, cards and payments functions. With this platform, LMCU is now able to provide significantly enhanced services to its members, including:

  • Real time access to transactional bank accounts, including current accounts.
  • Same day transfers processed straight through, eliminating manual processes, and reducing operational and financial risk.
  • Contactless debit cards and overdraft facility.
  • Enhanced security for online and mobile transactions.