Yahoo Finance Tata Consultancy Services expands partnership with Standard Bank Group for securities settlement operations
On Monday, Tata Consultancy Services (NS:TCS) (BSE: 532540, NSE: TCS) announced the expansion of its 25-year strategic partnership with the Standard Bank Group (SBG), Africa's largest custodian. TCS will utilize its BaNCS Global Securities Processing Platform to centralize and standardize SBG's custody and securities settlement operations across over 15 markets.
SBG, which operates the largest custody network in sub-Saharan Africa with USD 635 billion in assets under custody and administration, is planning to upgrade its existing platform. The bank aims to leverage next-generation technologies to streamline its custody and settlement processes further and build greater resilience in its operations. The goal is to have all its critical business operations running in the cloud by 2026.
The TCS BaNCS Global Securities Platform, a SWIFT-certified single consolidated solution, will be at the core of this technology transformation. The platform enables real-time settlement, reporting, and high-performance services, encompassing the entire capital markets value chain. It assists both buy-side and sell-side firms in implementing robust, error-proof, STP-enabled, highly scalable processes for trade processing, clearing and settlement, custody, portfolio accounting, and corporate actions administration.
The platform has already been deployed in seven markets, including South Africa. The remaining markets are set to be implemented by March 2024. This integrated custody platform will accelerate innovation for SBG and offer its customers consistent, reliable, efficient, and high-performance services.
Rajesh Ramsundhar, Head of Investor Services at Standard Bank said that the TCS BaNCS Global Securities Platform was selected to transform their custody and settlement operations. "The solution is deployed on a modern tech stack and comes with ecosystem enablers that will help us refine our products and services while ensuring superior operational efficiencies and digital adoption."
Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, expressed delight at strengthening their 25-year partnership with SBG through the successful deployment of the latest version of TCS BaNCS Global Securities Processing platform. "With this rollout across all their Africa operations, SBG will be able to offer a consistent experience and service level across markets and enable enhanced data strategies," he added.
TCS BaNCS is a trusted solution in the industry, with eight of the top 10 custodians worldwide running on it, and in South Africa, more than 95% of custody transactions are handled by this solution.
On Monday, shares of Tata Consultancy Services Limited were last trading in BSE at Rs. 3602.65 as compared to the previous close of Rs. 3583.95. The stock hit an intraday high of Rs. 3633.05 and an intraday low of Rs. 3564.55. The total number of shares traded during the day was 32498 in over 4575 trades, with a net turnover of Rs. 117094383.00.
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