Processing Corporate Actions (CA) announced by organizations is a complex activity, fraught with problems such as frequently changing event details, actions which contain exception to the general rules and different processing rules across markets. All these factors make standardisation of corporate actions processing difficult. Additionally, voluntary corporate actions processing is deadline-driven and involves several intermediaries, collecting and processing responses from investment managers, and subsequent delivery of these responses as instructions to depositories or sub-custodians that has a high degree of risk.
Corporate Actions from TCS BaNCS: A Compelling Proposition
TCS BaNCS Corporate Actions is an industry-leading Corporate Actions solution from Tata Consultancy Services. It is a SWIFTReady 2009 certified solution that automates end-to-end corporate actions and income processing. TCS BaNCS Corporate Actions empowers leading customer institutions across the globe, in mature and emerging markets, and provides processing capabilities to fit into each organization’s business model.
Salient features:
- End-to-end Corporate Actions processing for a wide range of events covering 70+ event types
- Rule-based processing enabling high levels of STP thereby enhancing operational efficiency
- Multi-entity, multi-lingual, multi-currency, multi-market processing capabilities
- Comprehensive and highly intuitive web-based portal for enabling individual clients, advisors, portfolio managers, traders to manage their elections for choice events
Dashboards
- Comprehensive operations dashboard presenting metrics and alerts for critical events and breaks
- Uninstructed position dashboard
- Event Diary dashboard
- Ability to view Agent Instructions from the dashboard on the basis of deadline dates
Event Processing
- Supports multiple commercial vendor feeds including GCA, ISO15022, Bloomberg, Telekurs, financial times, Xcitek, and other proprietary formats
- Validates and sanitizes event announcement data based on market governed rules. Creation of a clean ‘Golden Copy’ that empowers the complete downstream corporate action processing
- Re-computes entitlements on change of event information, change of client standing instruction and receipt of option elections for election events
- Compile Agent Instructions on the basis of options
- Processes Contractual and Actual Payments
- Processes fractions, includes Cash-In-lieu processing
- Supports reconciliation of internal Holding, Entitlements and Payments with paying agent on Acknowledgement Processing (Swift 567 & Manual)
- Generates Client/Nostro projections & accounting and their related offsets based on timings setup per market, event type, option type and payout type
- Records accounting entries for tolerance amount applicable during cash payment reconciliation
- Processes complete and partial reversal of payment
Notifications
- Sends various notifications through different communication vehicles, such as e-mail, Fax, and SWIFT based on standing instructions provided by clients
- Addresses various notification-related requirements, such as resending notifications in case of event an information update, positions update, or resending notifications to a specific client or to all clients
- Creates Event Chaser Notifications to Agents who have not provided complete information based on a configurable date
- Generates Instruction to Custodian/Counterparty/Lending Agent (Rule Based) for Chasers, Claims and Elections
Tax, Claims and Reports
- Sets up different tax rates and reclaim rates based on country of taxation, security type, tax domicile country, documents and other parameters
- Computes Tax Entitlements for all possible scenarios, such as Automatic Relief at Source, Relief at Source by Certification, Standard Reclaim, and Quick Refund
- Maintains Form Box level data that can be sent to other systems to print reports or files that can then be sent to the Tax Regularity Authority
- Supports reporting modules, such as US QI, Canadian Tax Regulatory, UK forms and tax regulatory, Irish QI, and Dutch tax regulatory reporting
The TCS BaNCS Edge:
- Superior technology in terms of open architecture, modern design, flexibility, and high scalability, which facilitates business growth of the organization
- Post-implementation maintenance support providing upgrades to meet the latest business and technological advances through disciplined product management
- Minimum project risks and errors as a result of knowledge gained from multiple implementations across geographies
To know how TCS BaNCS can help you eliminate risks and gain competitive advantages, write to us at tcs.bancs@tcs.com.
View Brochure: TCS BaNCS Corporate Actions