Tata Consultancy Services (TCS) has snagged work on the Commonwealth Bank's core banking system replacement project, but a spokesperson for the bank today insisted Indian outsourcing firm was not a key partner like SAP or Accenture.
CommBank today confirmed that TCS had been selected to do some application service work for the bank for its five-year $580 million core banking modernisation project it announced in April.
"TCS have limited involvement in providing applications services that will be leveraged by the core banking modernisation program," a spokesperson for CBA told ZDNet.com.au today.
CommBank was keen to distance TCS from the main part of its core banking system refresh, highlighting that it was not a strategic partner at the same level as SAP or Accenture. TCS was able to gain a spot on the high-profile project via its position on the bank's panel of vendors for CommBank's application maintenance work, worth around $280 million a year, which it announced in December last year.
TCS was selected as one of three vendors under the panel, which also included fellow Indian outsourcing firm HCL and IBM as part of CommBank's move towards multi-sourcing, following its decision to wind back its relationship with EDS.
"Other CBA vendors including applications services vendors will be requested at times to provide services under existing contractual agreements," the spokesperson said, adding that TCS's involvement had nothing to do with cost-cutting.
Who's to say TCS wouldn't do a better job than the very expensive Accenture? Word is they haven't delivered for Telstra (amongst others)and have a history of cost overruns, poor business integration and late delivery. At the end of the day they are all foreigners sending our cash off shore.