TCS partners with Council Of Europe Development Bank to modernise operations

Tata Consultancy Services will help the Council of Europe Development Bank to modernise and streamline its operations, according to an exchange filing by the IT bellwether. The company did not disclose the monetary value of the deal.

Under the deal, TCS will deploy TCS BaNCSTM for Reconciliations to help the bank streamline complex transactions and automate key reconciliation processes using artificial intelligence (AI) and automation. The TCS programme will enable CEB to automate its entire reconciliation lifecycle—from transaction matching and exception handling to investigation and reporting.

The TCS product provides real-time visibility and greater transparency, while reducing manual effort and turnaround times for reconciliations, TCS said.


TCS will also supply tools needed to automate critical tasks such as file loading, extraction of PDF statements, and reconciliations for unmatched entries to CEB., the company said.

The Paris-based CEB is a social development bank that promotes social inclusion in its 43 member states across Europe. It finances investment and provides technical assistance in social sectors, including education, health and affordable housing, with a focus on vulnerable communities. It serves governments, local and regional authorities, public and private banks, and nonprofit organisations, among others, with a loan portfolio worth billions of euros Europe.

In a separate deal, TCS entered a long-term strategic partnership with Denmark's largest retailer, Salling Group, to support its digital transformation and AI-enabled cloud migration.

The collaboration will cover Salling Group's 2,100 stores and 68,000 employees across Denmark, Poland, Germany, Estonia, Lithuania, and Latvia, including brands such as toy store chain BR, franchise quick-service restaurants Carl's Jr. and Starbucks, grocers fotex, Bilka, Netto, and RIMI Baltic, according to a company statement.

The TCS shares closed 1.4% higher at Rs 3,495.35 apiece on BSE, against a 0.84% rise in the benchmark Sensex.