TCS Joins Hands with CEB to Streamline Financial Operations

Tata Consultancy Services (TCS) has partnered with the Council of Europe Development Bank (CEB), headquartered in Paris, to streamline the bank’s complex financial transactions. As part of this collaboration, TCS will implement its AI-driven solution, TCS BaNCSTM for Reconciliations, to automate and modernise CEB’s reconciliation processes and increase operational transparency, efficiency, and control.

Why in News?

The collaboration between TCS and the CEB is significant for several reasons: It showcases India’s IT leadership in global financial transformation. It introduces AI and automation into core banking functions of a major European development bank. It aligns with CEB’s mission of improving operational efficiency to support social development projects across Europe.

About the Partnership

• Partners Involved: TCS (India) and the Council of Europe Development Bank (CEB, Paris).
• Objective: To modernise and automate the bank’s reconciliation operations.

Features & Benefits

• Automation Across the Lifecycle
• Transaction Matching
• Exception Handling
• Investigation
• Reporting

Integration

• Seamlessly integrates with CEB’s core banking systems.
• Enables faster and more accurate daily reconciliations.

Technology Edge

• Leverages artificial intelligence and automation.
• Offers real-time visibility and reduced turnaround time.

Benefits

• Less manual effort
• Greater transparency
• Enhanced control over operations
• Improved decision-making through timely data

About the Council of Europe Development Bank (CEB)

• Headquarters: Paris, France
• Established: 1956
• Members: 43 European countries
• Mission: Promote social inclusion and development, focusing on sectors like education, public health, and housing.