PostFinance to push ahead with new IT system
Swiss Post’s banking arm PostFinance will transfer its account management and payment transactions to a new “state-of-the-art” IT system. The company has selected the BaNCS system belonging to India-based Tata Consultancy Services (TCS).
Handling almost 900bn transactions per annum, PostFinance said the new system will allow it to hold on to its position as “number one in the Swiss payments sector”.
The migration will be implemented in stages over a four-year period.
A PostFinance spokesperson said: “The current payment transaction systems for account management and handling transactions have been in use since 1993. They are still very powerful, stable and efficient but need to be replaced in the medium term.
“Maintenance and further development of the systems are reaching their limits. PostFinance intends to implement the announced changeover before the current systems become obsolete. It is thus ensuring the long-term quality of its services for its customers.”
“TCS BaNCS is an account management and payment transactions product that is widely used and has proven itself in the market. It meets high requirements in terms of performance and long-term availability.
“PostFinance can develop the systems flexibly and in line with market requirements together with the innovative company TCS. It will also enable operating costs to be reduced.”
The company confirmed that no job cuts are planned, but the new system will have “consequences for certain employees” involving “shifts in functions and competencies”.
However, PostFinance added that the number of external employees will be reduced.