As part of this collaboration, TCS will deploy TCS BaNCSTM for Reconciliations to help the bank streamline complex transactions and automate key reconciliation processes using AI and automation.
With the implementation of TCS BaNCS for Reconciliations, the CEB will be able to automate the entire reconciliation lifecycle — from transaction matching and exception handling to investigation and reporting.
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The product will provide real-time visibility and greater transparency, while reducing manual effort and turnaround times. Its integration with the bank’s core systems will allow for better control and faster daily reconciliations.
The bank will also be equipped with the tools needed to automate critical tasks such as file loading, extraction of PDF statements, and reconciliations for unmatched entries.
Headquartered in Paris, the CEB is a social development bank that promotes social inclusion in its 43 member states across Europe. The CEB finances investment and provides technical assistance in social sectors, including education, health and affordable housing, with a focus on the needs of vulnerable communities.
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Stefano Michelangeli, Head of Finance and Risk Systems at the CEB, said, “The CEB has a clear mandate to enhance social development among its member countries by leveraging technology. A reliable, robust and secure reconciliation solution has been key to this vision. Automation in reconciliation with high STP (straight-through processes) is central to ensuring error-free operations for institutions such as ours.”
Shares of Tata Consultancy Services Ltd ended at ₹3,495.35, up by ₹48.25, or 1.40%, on the BSE.
(Edited by : Shoma Bhattacharjee)
