New York, 2nd October, 2006
Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, today announced that it has been awarded the 2006 SWIFTReady label for its corporate actions automation software solution, NCS Corporate Actions.
NCS Corporate Actions is the industry-leading corporate actions automation solution tailored to address the straight-through processing (STP) needs of asset managers, broker-dealers, custodians and depositories around the world. NCS Corporate Actions has been implemented in more than 35 financial markets across North America, Europe, Africa, Australia and Asia Pacific. Leading institutions that have chosen NCS Corporate Actions include institutions like DTCC, Bank of New York, Standard Chartered Bank, BNP Paribas, ANZ, and the Canadian Depository for Securities.
The SWIFTReady program is a widely-recognized quality standard in the financial industry and has become a key criteria in the purchasing decision process of financial institutions. The SWIFTReady Corporate Actions label is awarded to corporate actions applications that maintain strict adherence to specific criteria regarding the support of ISO 15022 corporate actions messages. SWIFTReady accreditation also requires broad compliance with global market practice guidelines.
"We are extremely pleased with the continued commitment from TCS to deliver straight-through processing solutions to the corporate actions business of our mutual customers through their NCS Corporate Actions product," said Philippe Lecomte, Manager, SWIFT Partner Solutions.
"TowerGroup believes that full SWIFT readiness is a key differentiating feature among corporate actions systems now that SWIFT's ISO 15022 financial messaging standard has become a preferred method for transmitting corporate actions data," said Matthew Nelson, Senior Analyst at TowerGroup in a recent research report titled "Corporate Actions Automation Software: Tools for the March Toward STP"(V47:15M). "We believe that full SWIFT readiness will become a necessity for corporate actions automation software in the future."
Speaking on the occasion of the successful awarding of the SWIFTReady label to NCS Corporate Actions, N. G. Subramaniam, Vice President and head of TCS' banking industry practice said, "Over the last several months we have successfully implemented NCS at some large institutions and are pleased with the traction we are getting among our customers and prospects. The SWIFTReady label is a confirmation of the positive feedback that we continue to receive from our NCS customers."
NCS Corporate Actions is a SWIFT ISO 15022 compliant system that enables straight-through processing of corporate events and allows effective exception handling capabilities. The NCS Corporate Actions processing system offers end-to-end lifecycle management for corporate actions to enable true straight-through processing of all corporate events.
NCS provides its clients with powerful modular components for announcement capture, data scrubbing, notification, entitlement, reconciliation, disbursements, workflow management, alerts, and exception handling. These help achieve higher straight-through processing rates, better client servicing, lower operational costs, reduced risk, and increased efficiency.
NCS has also received the SWIFTReady Securities Settlement accreditation for four consecutive years.
About SWIFT
SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to over 7,800 financial institutions in more than 200 countries. The SWIFT community includes banks, broker/dealers and investment managers, as well as their market infrastructures in payments, securities, treasury and trade. Over the past ten years, SWIFT message prices have been reduced over 70%, and system availability approaches 5x9 reliability - 99.999% of uptime.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services Limited (TCS) is the world leading information technology consulting, services, business process outsourcing and engineering services organization that envisioned and pioneered the adoption of the flexible global business practices that today enable companies to operate more efficiently and produce more value. TCS achieved this by creating and perfecting a unique method of global deployment and delivery of high quality, high value services and products in IT consulting and business process outsourcing. Known as the "Global Delivery Model," this strategic services delivery concept has reshaped the IT services industry.
More than 95% of TCS customers reward the company's reliability, passion, creativity, and unique ability to handle the broadest range of their IT needs by continually extending and deepening their partnerships with TCS. With over 70,000 of the world's best trained IT consultants located in 35 countries, TCS is uniquely positioned to deliver its flexible world class services seamlessly to any location. TCS reported consolidated revenues of $2.97 billion (U.S.) in the fiscal year 2005-2006. The company is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information: www.tcs.com