Länsförsäkringar Bank, the fifth largest lender in Sweden, has deployed TCS BaNCS for Core Banking to drive its digital overhaul operations.

The latest TCS BaNCS for Core Banking replaces the bank’s legacy systems with a modern banking and payments solution.

The newly deployed solution will supports the bank’s retail banking portfolio as well as enables the banking group to comply with EU and local legislations.

Furthermore, the upgrade will help the Swedish lender to launch new products faster and integrate with third party systems.

It will also allow open banking through its API repository.

Länsförsäkringar Bank CEO Sven Eggefalk said: “Our vision was to enhance our ability to adapt to the new landscape of the banking ecosystem, and speed up time to market.

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“TCS has delivered on their promise, and TCS BaNCS fulfils our high expectations. The successful on-time deployment of a contemporary banking solution such as TCS BaNCS is testimony to the fact that TCS is the right transformation partner for us.

“TCS BaNCS has helped us re-align our business model to the digital world, reinforcing our position in the market as a leader and innovator.”

TCS BaNCS for Core Banking is designed on the Digital First, Cloud First philosophy.

It enables the financial institutions deliver to their customer requirements throughout the life journeys.

In April this year, National Bank of Bahrain (NBB) selected TCS BaNCS for Core Banking to diversify its businesses.