TCS bags banking deal from Hungary's Keler

Country's largest software services firm Tata Consultancy Services (TCS) said it has bagged a deal from Keler Ltd, Hungary's Central Securities Depository.

Under the deal, TCS will deploy the market infrastructure solution of TCS BaNCS for modernising its technology and set up its capability for T2S settlement, TCS said in a statement.

However, the financial details were not disclosed. TCS BaNCS solution will provide Keler with a modern, standards compliant, multi-asset, multi-entity solution that will enable it introduce new products and services, it added.

"We will be ushering our Depository into a unique position in the Central and Eastern European market landscape. This opens up new avenues for us as we enhance our capabilities and offerings and be on time for T2S Settlement as well," Keler CEO Gyorgy Dudas said.

TCS vice president R Vivekanand said Hungary is an important market for the company.

"We are eager to demonstrate our market infrastructure and T2S capability there and to expand our track record in the European CSD space," Vivekanand added.