CSC, HCL enter JV for banking software

CSC and HCL have come together to build a banking software and service company.

The joint venture between the two global IT majors will invest in platform modernisation and product functionality enhancement.

The JV will also capitalise on capabilities of both, CSC and HCL, in addressing the multi-billion-dollar, global core banking software market.

HCL Technologies President and CEO Anant Gupta said that the banking industry was taking bold steps towards cloud deployments and digital integration.

"The joint entity with CSC is designed to meet those critical demands with new and innovative solutions and to expedite the modernisation transformation journey of our banking clients," Gupta said.

He added that several banking clients of HCL were looking for modernisation of their legacy platforms while simultaneously managing the burgeoning demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements.

While CSC will provide its core banking, cards, payments and default management industry talent, software and product development expertise, HCL will provide capital investment, extensive experience in product engineering and application implementation services, as well as banking sales and client engagement expertise.