NEW YORK and MUMBAI, India, Dec. 9, 2019 /PRNewswire/ — Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has been named a Leader in the Everest Group PEAK Matrix™ for Financial Crime and Compliance (FCC) Operations Services1. TCS received this recognition for the second year in a row.
According to the report, TCS is among the top three FCC operations service providers by revenue and dominates areas such as Know Your Customer (KYC), Anti-money Laundering (AML), and chargeback processes. It highlighted TCS’ technology offerings, domain capabilities and its investment in blockchain solutions and industry-specific cloud solutions, which have a huge use case in areas like KYC and AML. The company’s recently developed Enterprise Regulatory Compliance Management Framework that offers an end-to-end approach to streamline compliance activities, was cited as a strength. Additionally, the report makes a special mention of TCS’ work in integrating its FCC operations offering with its consulting capabilities to help its customers transform, enhance and augment FCC operations.
“With emerging business models, increasing regulatory scrutiny, and the creation of new digital channels, banks are leveraging innovative technologies such as AI and machine learning to prevent and combat financial crime,” said K Krithivasan, Global Head, Banking, Financial Services and Insurance, TCS. “This recognition from an independent third-party research firm is a validation of our vision and capabilities, investments in innovation, and the resultant market impact.”
With extensive experience partnering with some of the world’s largest banks, TCS has built unparalleled expertise in financial crime and compliance services across KYC (risk profiling, due diligence, screening, client outreach, off-boarding), AML (transaction monitoring, sanctions screening, trade AML) and anti-fraud operations (cybercrime). TCS’ comprehensive set of services in this domain include consulting, analytics, transformation and technology solutions, platform solutions, and change management services.
TCS works with over 14 of the top tier global banks, including the top three banking and financial services providers, a leading European multinational bank, a large global bank, and a fortune 500 European financial services provider.
“The increasing sophistication and complexity of financial crimes is pushing banks to explore new digital interventions to combat financial crimes and to maintain regulatory compliance,” added Manu Aggarwal, Vice President, Everest Group. “With a strong domain knowledge of the FCC and a consulting-led approach, TCS seeks to support banks and financial institutions in making their operations more efficient by blending elements of automation, AI, and advanced analytics.”
“With our vast experience in the financial services industry and knowledge of its regulations combined with our digital technology expertise and deep contextual knowledge, we are well-positioned to help our customers transform their FCC operations,” added Krithivasan.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India’s largest multinational business group, TCS has over 450,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
1 Financial Crime and Compliance (FCC) Operations Services PEAK Matrix™ Assessment and Service Provider Landscape 2020, Manu Aggarwal, Robin Jain, Akanksha Pathak, Everest Group, October 3, 2019
SOURCE Tata Consultancy Services