IT providers CSC and HCL Technologies have signed a joint venture agreement to form a banking software and services company.

The joint venture will invest in platform modernisation as well as product functionality enhancement.

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The new company will leverage the collective expertise of CSC and HCL, with CSC offering core banking, cards, payments and default management industry talent, software and product development expertise.

HCL will offer capital investment, product engineering and application implementation services, and banking sales and client engagement expertise.

The newly formed entity will boost ongoing support for existing banking clients looking to extend the life of and investment in their existing platforms, reaffirm the commitment to expand CSC’s core banking and cards platforms Hogan and CAMS into modernized end-to-end solutions under the Celeriti suite.

It will also work to advance digital banking transformation solutions in collaboration with other partners.

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HCL Technologies president & CEO Anant Gupta said: "The banking industry is taking bold steps toward cloud deployments and digital integration with surrounding applications and platforms. Many of our banking clients are looking for modernization of their legacy platforms while simultaneously managing the increasing demands for data analytics services, multi-channel deployments, and increasing regulatory compliance requirements.

"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."