Tata Consultancy Services is set to assist the Council of Europe Development Bank in enhancing and optimizing its operations, as indicated in an exchange filing by the IT giant. The financial details of the agreement were not revealed.

As part of the agreement, TCS will implement TCS BaNCSTM for Reconciliations to assist the bank in simplifying complex transactions and automating essential reconciliation tasks utilizing artificial intelligence (AI) and automation. The program from TCS will enable CEB to automate its entire reconciliation process—from matching transactions and handling exceptions to investigation and reporting.

According to TCS, the product offers real-time insights and increased transparency, while also minimizing manual effort and shortening reconciliation turnaround times. TCS will also provide tools essential for automating critical processes like file loading, extracting data from PDF statements, and reconciling unmatched entries for CEB.

Based in Paris, the CEB is a social development bank that encourages social inclusion across its 43 member states throughout Europe. It funds’ investments and offers technical assistance in social sectors such as education, health, and affordable housing, with an emphasis on supporting vulnerable communities.

The bank serves various clients, including governments, local and regional authorities, public and private banks, and nonprofit organizations, boasting a loan portfolio worth billions of euros across Europe.

In another agreement, TCS has formed a long-term strategic partnership with Salling Group, Denmark's largest retailer, to aid in its digital transformation and AI-powered cloud migration.

This collaboration will encompass Salling Group’s 2,100 stores and 68,000 employees across Denmark, Poland, Germany, Estonia, Lithuania, and Latvia, which includes brands like toy store chain BR, franchise quick-service restaurants Carl's Jr. and Starbucks, as well as grocery stores fotex, Bilka, Netto, and RIMI Baltic, as per a company statement.

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The shares of TCS rose by 1.4 percent, closing at Rs 3,495.35 each on BSE, compared to a 0.84 percent increase in the benchmark Sensex.