TCS BαNCS secures SWIFTReady Applications 2008 certification in three focus areas; Significant partnership with SWIFT announced
Mumbai, India, September 04, 2008: TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that TCS BαNCS Securities Processing, TCS BαNCS Payments and TCS BαNCS Corporate Actions have been re-certified as prestigious SWIFTReady Applications 2008.
This coveted certification was based on TCS BαNCS product suite’s outstanding ability to benchmark against stringent SWIFT standards in the areas of Payments, Corporate Actions and Securities Processing. SWIFTReady Applications accreditation is only awarded to applications that can provide complete compliance to the SWIFT environment and continue to meet the guidelines floated on year on year basis. TCS Financial Solutions strong relationship with SWIFT means that we have the necessary credentials to support the greater SWIFT community worldwide
SWIFT has a broad range of relationships with various companies serving the financial services industry right from certifications to global partnerships. SWIFT partners have a close working relationship with SWIFT, driven by measured customer value. A Partner relationship entails a commercial agreement, including joint sales and marketing plans with the chosen technology partner.
"We believe we can address the needs of the global financial community with a portfolio of products that precisely fit the unique needs and requirements of each region, no matter how diverse or nuanced their businesses ” said N.G. Subramaniam, President, TCS Financial Solutions. "This partnership with SWIFT, and the associated certifications, will provide our customers with even greater levels of trust and confidence in our solutions."
Commenting on the partnership, Bernard Woodruff, SWIFT’s Relationship Manager for TCS Financial Solutions said “We are constantly raising the bar for technology partners who can serve our financial community. While there are many who meet with individual product certifications, very few vendors graduate to a mature, partnership that enables us to jointly shape the technology landscape of the financial services industry. With an acclaimed set of products and a proven track record of working closely with us, TCS Financial Solutions is just such a company.”
R.Vivekanand, Product Director and SWIFT Relationship Manager for TCS Financial Solutions said “We see this strong partnership with SWIFT as critical to our efforts to continuously improve, through our solutions, the levels of STP in the industry. Looking at the future and ISO 20022, we see the need for automation in Collateral management similar to what we are already doing in proxy voting – areas where we quickly apply our domain expertise to the fast changing scenarios that govern the financial services industry and help the standardization process.
TCS BαNCS Payments, an STP-oriented payment processing solution, supports centralized real-time processing on a single platform for both domestic and international payments. The solutions helps market-leading financial institutions take a holistic approach to payments-driven revenue, and drive significant operational efficiencies through consolidation of multiple processing systems into a single center or fewer regional hubs.
TCS BαNCS Securities Settlement is a next generation custodial services system catering to trade settlement, corporate actions, custody management, bookkeeping, securities lending & borrowing, charges & billing and registration. The application has been built using object oriented methodology, client-server architecture and open system standards.
TCS BαNCS Corporate Actions is an industry-leading solution that enables enterprise-wide corporate actions automation. It takes controls of the entire lifecycle of corporate actions processing thus mitigating operational risks and improving overall efficiency with high levels of STP and effective workflow management. It implements a common processing framework supporting a full range of event types and has a comprehensive operations dashboard, presenting various operation metrics and alerts for critical events and breaks.
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect over 8,300 banking organisations, securities institutions and corporate customers in more than 208 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery Model, recognized as the benchmark of excellence in software development. A part of the Tata Group, India’s largest industrial conglomerate, TCS has over 116,000 of the world's best trained IT consultants in 50 countries. The company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BαNCS. Our mission is to provide best of breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
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