Citi tests out TCS Bancs for core system revamp
At the first stage, the bank is testing the platform in Singapore, FinTech Futures understands. If that goes well, the next step will be Banamex, Citi’s subsidiary in Mexico. Then, if all that goes well, the system will be rolled out to the rest of Citi around the world.
FinTech Futures contacted Citi and TCS for more details. Both declined to comment.
On the corporate side, Citi runs Flexcube for its international operations (i.e. global transaction banking).
Flexcube actually originated from Citi, a long time ago. I-flex was incubated in Citigroup in India, and Oracle then acquired a 41% stake in i-flex for $593 million in August 2005.
After a few more nibbles, Oracle increased its stake in i-flex to around 83% in 2017. A year later, Oracle changed the name of the company to Oracle Financial Services. Citi is a major user of Flexcube.
In another exclusive published today (21 January), Bank of America is understood to have selected Infosys and its Finacle suite of products for its corporate banking technology modernisation project. It is understood that Oracle FSS also bid for the deal with its Flexcube offering.