Deutsche Bank, TCS near US$ 1 billion outsourcing deal

Tata Consultancy Services is in the final stages of negotiations with Deutsche Bank for an outsourcing deal estimated at around $1 billion.

This can be the biggest outsourcing deal won by an Indian information technology company if TCS bags the contract.

TCS had signed a $848-million deal from the UK-based Pearl Group in October last year.

"TCS is in close negotiations with Deutsche Bank for the outsourcing deal. TCS is the only company in the fray, and if it is successful, it will be able to wrap up the deal in a month," a source close to the development said.

Well this is the news of past, now lets see what has happened on this issue from then till now,

TCS and SmartStream launch TCS Aspire Service

Deutsche Bank first customer to benefit from new service

Banks and financial institutions can now access, without any upfront investment, a flexible and scalable reconciliation operation that is designed to drive down costs and risk, while removing operational limitations, thanks to TCS Aspire Service. TCS Aspire Service is an outsourced reconciliation service delivered by Tata Consultancy Services (TCS), and powered by SmartStream's Transaction Lifecycle Management (TLM) platform.

By using TCS Aspire Service, total cost of ownership (TCO) of the reconciliation process can be reduced by 20-40 per cent within six months. Deutsche Bank has been confirmed as the first institution to adopt the new service.

TCS Aspire Service aims to increase the straight-through processing (STP) rates of both core and client specific transactions through the use of complex algorithms within SmartStream's TLM. These algorithms compare a greater number of transaction variables to increase accuracy and reduce the number of investigations required. Thanks to improved match rates and integrated workflow, STP rates are enhanced, thus improving the overall efficiency of the reconciliation process, and driving down cost and risk.

The inherent flexibility of TCS Aspire Service allows banks and financial institutions to customise the service in line with their own strategic objectives, manage volatile transaction volumes, and provide the ability to rapidly adopt the processing of new instruments.

Well this was what happened for this deal, TCS came up with a new software which was addressing the needs of Deutsche Bank and now it is selling the same software to other banks also.