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Success Story

CFS Enhances Corporate Actions Processing

TCS BaNCS helps Colonial First State de-risk its corporate actions value chain 

 
Client
Colonial First State Commonwealth Bank of Australia
Industries
Capital Markets
Service
Corporate Actions

Challenge

CFS sought to overhaul its legacy IT landscape to modernize corporate actions processing

Colonial First State’s (CFS) position as a leading wealth management group in Australia was being tested as its corporate actions was supported by disjointed legacy systems. Since data management processes were misaligned, the fund management major lacked a single source of truth for corporate actions data that could provide end-to-end visibility into operations. Banking on the decade-long partnership between the Commonwealth Bank of Australia (CBA) and TCS, CFS chose TCS BaNCS for Corporate Actions to implement a scalable, open architecture solution to transform the whole corporate actions value chain. 

Solution

TCS BaNCS for Corporate Actions helps CFS streamline and de-risk operations

that could be easily integrated with the existing technology ecosystem. Its multi-tier architecture is scalable, making it rapidly deployable with minimum customization. 

TCS BaNCS for Corporate Actions is a unified SWIFTReady-certified and ISO20022 complaint processing platform, which: 

  • Enables rule-based and streamlined Straight-Through Processing (STP)
  • Simplifies stakeholder communications using a highly intuitive and secure web channel with predefined notifications and a web-based tool for tracking responses to events
  • Mitigates risks by leveraging a comprehensive workflow dashboards for exception processing, and highlighting critical events and breaks

”TCS BaNCS for Corporate Actions is highly flexible and technically superior solution.” – Brad Massey, General Manager Fund Services, CFS

Benefits

CFS automates corporate action processes and experiences high STP rates

With capabilities for processing over 70 event types, TCS BaNCS for Corporate Actions helped CFS achieve its business objectives of high STP, automation of corporate actions processes and scalability. In addition, CFS also achieved the following outcomes:

  • Improve operational efficiency and productaivity
  • Reduce IT complexity and risks
  • Enhance agility

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