The Weekly Wrap: all you need to know by Friday COB | March 21st

The Weekly Wrap is published every Friday and recaps the week's main stories and deals, as well as upcoming events and announcements

Tata Consultancy Services (TCS) (NSE: 603247.BO) will help The Cumberland Building Society upgrade its core banking infrastructure, the IT service provider said on Friday.

As part of the partnership, TCS will implement its TCS BaNCS™ for Core Banking, along with TCS Digital Home Lending Solution and Quartz for Compliance, to optimise innovation and efficiency in operations.

Founded in 1850, Cumberland is one of the UK’s top 10 building societies, managing £3.2 billion in assets and a £2.6 billion mortgage portfolio across 31 branches in Cumbria, Northumberland, Lancashire, and southwest Scotland.

This engagement will help Cumberland to further improve customer experience and modernize its banking services.

TCS will also provide an integrated core banking ecosystem, including TCS COIN™ (Co-Innovation Network™) and the TCS BaNCS Marketplace, enabling the society to rapidly integrate third-party solutions.

Customers will enjoy greater flexibility in managing their finances, with seamless access to services online, over the phone, or at any Cumberland branch.

Earlier this month, TCS announced it would be merging its wholly owned subsidiary, Tata Consultancy Services (Netherlands) B.V., with another subsidiary, Tata Consultancy Services (Belgium) S.A. The integration will see the Belgian subsidiary absorb the Dutch subsidiary.

The move comes as part of TCS's strategy to optimise its operations and presence in the European market. Both subsidiaries are wholly owned by TCS and are engaged in providing IT services and consulting services within their respective domains.

The integration process is expected to be completed in the coming months, and it will be carried out in compliance with all relevant legal and regulatory requirements in both countries.

After the integration, the Belgian subsidiary, Tata Consultancy Services (Belgium) S.A., will continue to operate as the sole subsidiary of TCS in Benelux, providing a comprehensive range of IT services and consulting services to customers in the region.

Also Read: Weekly Wrap: all you need to know by Friday COB | March 14th