Global IT majors CSC and HCL Technologies have joined hands to form a banking software and services joint venture company.
The JV will invest in platform modernization and product functionality enhancement and will capitalize on capabilities of both companies in addressing the multi-billion-dollar, global core banking software market, a statement said.
However, details about the holding and investment were not disclosed.
"The banking industry is taking bold steps toward cloud deployments and digital integration with surrounding applications and platforms," HCL Technologies President and CEO Anant Gupta said.
Many of HCL's banking clients are looking for modernization of their legacy platforms while simultaneously managing the burgeoning demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements, he added.
"The joint entity with CSC is designed to meet those critical demands with new and innovative solutions and to expedite the modernization transformation journey of our banking clients," Gupta said.
CSC, which currently serves over 100 banking and financial services clients in 15 countries, will provide its core banking, cards, payments and default management industry talent, software and product development expertise.
HCL will provide capital investment, extensive experience in product engineering and application implementation services, as well as banking sales and client engagement expertise.