&w=3840&q=100)
TCS partners with CEB to modernise bank's reconciliation systems
Tata Consultancy Services (TCS) has partnered with the Council of Europe Development Bank (CEB) to modernise and automate the bank's reconciliation processes.
TCS will implement its TCS BaNCS for reconciliations platform, leveraging artificial intelligence and automation to streamline complex transactions, improve transparency, and reduce manual effort, according to a regulatory filing.
The new solution will automate the entire reconciliation lifecycle, providing real-time visibility and faster processing for the CEB.
"With the deployment of TCS BaNCS, the CEB will be able to gain significant efficiency in operations, which gives the bank the ability to operate on a higher scale," Venkateshwaran Srinivasan, Global Head - Financial Solutions at TCS, said.
*** HCLTech partners with European energy firm E.ON * HCLTech has entered a multi-year strategic partnership with European energy firm E.ON.
Under the agreement, HCLTech will establish a private cloud and manage cloud and network operations globally for E.ON hyperscalers, leveraging AI and hyperautomation to accelerate its DevOps-led transformation, according to a company statement.
The collaboration aims to enhance E.ON's operational efficiency, innovation, and agility in responding to market demands.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
2 hours ago
- The Hindu
Irish club Drogheda barred from Conference League by UEFA for breaking ownership rules
Irish Cup winner Drogheda lost its appeal on Monday against being removed from the Conference League next season for breaking UEFA rules when investors own multiple clubs. The Court of Arbitration for Sport said its judges gave an urgent decision dismissing Drogheda's appeal that was heard on Monday. On Tuesday, UEFA will start making the draws for the qualifying rounds in the third-tier European competition. Drogheda and Silkeborg of Denmark qualified for the Conference League second preliminary round, but are owned by the Trivela Group from the United States. UEFA rules to protect sporting integrity do not allow teams from a multi-club network to enter the same competition if one owner has 'decisive influence' over the management of both. Drogheda apologised to fans in a statement for the situation leading to a decision that caused 'great heartbreak and disbelief' and will cost the club at least hundreds of thousands of euros (dollars) in UEFA prize money. The American-backed club missed a March 1 deadline set by UEFA to anticipate a pending problem and make changes to the ownership or executive structure. ALSO READ | Women's Super League in England to expand from 12 to 14 teams CAS said the three judges agreed UEFA communicated key information which Drogheda 'knew or ought to have known about.' A 2-1 majority of the judges 'rejected (the club's) submissions on alleged unequal treatment by UEFA,' the court said. Other cases involving Manchester City, Manchester United, AC Milan, Brighton and Aston Villa in the past two years were resolved by one of the ownership stakes being placed into a blind trust for the season. A UEFA expert panel also imposed transfer bans and limited cooperation between the clubs in question. The UEFA panel is also assessing whether Crystal Palace and Lyon can both enter the next Europa League. Lyon's American owner, John Textor, has a 43% stake in Palace, though with limited decision-making power. In the latest case, Silkeborg took priority with UEFA to get the Conference League place because it finished higher in the Danish league this season than Drogheda did in the Irish league last year. Drogheda loses the prize money of 350,000 euros ($406,000) that UEFA pays for playing in the Conference League second qualifying round. 'We believe it is unjust. Rules should protect opportunity, not prevent it,' Drogheda said. 'Nevertheless, we accept responsibility. And we're sorry.' Related Topics UEFA Conference League
Time of India
2 hours ago
- Time of India
Nvidia's pitch for sovereign AI resonates with EU leaders
Nvidia CEO Jensen Huang has been pitching the idea of " sovereign AI " since 2023. Europe is now starting to listen and act. The concept is based on the idea that the language, knowledge, history and culture of each region are different, and every nation needs to develop and own its AI. Last week, the CEO of the artificial-intelligence chipmaker toured Europe's major capitals - London, Paris and Berlin - announcing a slew of projects and partnerships, while highlighting the lack of AI infrastructure in the region. In a place where leaders are increasingly wary of the continent's dependency on a handful of U.S. tech companies and after drawing ire from the U.S. President Donald Trump, his vision has started to gain traction. "We are going to invest billions in here ... but Europe needs to move into AI quickly," Huang said on Wednesday in Paris. On Monday of last week, British Prime Minister Keir Starmer announced 1 billion pounds ($1.35 billion) in funding to scale up computing power in a global race "to be an AI maker and not an AI taker." French President Emmanuel Macron called building AI infrastructure "our fight for sovereignty" at VivaTech, one of the largest global tech conferences. After Nvidia laid out plans to build an AI cloud platform in Germany with Deutsche Telekom, German Chancellor Friedrich Merz called it an "important step" for the digital sovereignty and economic future of Europe's top economy. Europe lags behind both the U.S. and China as its cloud infrastructure is mostly run by Microsoft, Amazon and Alphabet's Google, and it has only a few smaller AI companies such as Mistral to rival the U.S. ones. "There's no reason why Europe shouldn't have tech champions," said 31-year-old Mistral CEO Arthur Mensch, sitting beside Huang, who has led Nvidia for more than three decades, at a panel at VivaTech. "This is a gigantic dream." Gigafactory plans unleashed In France, Mistral has partnered with Nvidia to build a data centre to power the AI needs of European companies with a homegrown alternative. It will use 18,000 of the latest Nvidia AI chips in the first phase, with plans to expand across multiple sites in 2026. In February, the European Union announced plans to build four "AI gigafactories" at a cost of $20 billion to lower dependence on U.S. firms. The European Commission has been in touch with Huang and he had told the EU executive that he was going to allocate some chip production to Europe for these factories, an EU official told Reuters. Nvidia's chips known as Graphics Processing Units or GPUs are crucial for building AI data centres from the U.S. to Japan and India to the Middle East. In Europe, a push for sovereign AI could reshape the tech landscape with domestic cloud providers, AI startups, and chipmakers standing to gain from new government funding and a shift toward in-region data infrastructure. Nvidia also wants to cement demand for its AI chips, ensuring that even as countries seek independence, they still rely on its technology to get there. Power costs The push is not without challenges. High electricity costs and rising demand could strain sourcing of electricity for data centres. Data centres account for 3% of EU electricity demand, but their consumption is expected to increase rapidly this decade due to AI. Mistral, which has raised just over $1 billion, is trying to become a European homegrown champion with a fraction of the money U.S. hyperscalers or large data-centre operators spend in a month. "Hyperscalers are spending $10 billion to $15 billion per quarter in their infrastructure. Who in Europe can afford that exactly?" said Pascal Brier, chief innovation officer at Capgemini, a partner of both Nvidia and Mistral. "It doesn't mean we shouldn't do anything, but we have to be cognizant about the fact that there will always be a gap." Mistral has launched several AI models which are used by businesses but companies tend to mix them with models from other companies such as OpenAI, Anthropic and Meta Platforms. "Most of the time it's not Mistral or the rest, it's Mistral and the rest," Brier said.
Economic Times
2 hours ago
- Economic Times
Magnets, chips & a tech tug-of-war
Interactions over procuring Chinese rare earth magnets are gaining pace as Indian automobile manufacturers try to avert production slowdowns. US and European carmakers have secured assured supplies from Beijing, which recently imposed export controls on magnets used in auto components. End-user requirements are being seen as a bargaining tactic in China's ongoing trade negotiations with the US. But the fallout has been wide, given the world's overdependence on Chinese rare earth minerals. The immediate response has been to ensure supply chains are not disrupted, and Beijing has accommodated the legitimate concerns of the automobile industry. Indian companies have done their paperwork and are planning to interface with the Chinese authorities for a similar dispensation in the coming weeks. A US-China trade truce announced last week has not addressed the issue of the use of rare earth minerals in military production, such as drones. This must be seen in the context of US export controls over advanced AI chips, regarded as dual-use tech. Beijing is linking the two sets of controls to avoid a one-sided deal with the Trump administration. Trade negotiations now hinge on chips versus magnets, amid indications that retaliatory tariffs could be deferred further. Both processors and motors are vital strategically, so, a solution on export controls will have to undergo a hard contest. The Chinese intent is to restrict the spread of a tech where it has demonstrated leadership. It will, however, not benefit by depriving commercial users of rare earth magnets, which would set other countries on the path to exploiting their reserves and create an opportunity for them to catch up. India should be able to negotiate favourably with both the US and China when it comes to export curbs on powerful chips and magnets. These are India's top trading partners and are vital to its ambitions to become a global manufacturing base. It should not be tough to separate the strategic from the commercial aspects of export controls.
