CFS Enhances Corporate Actions Processing

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

Colonial First State implemented TCS BaNCS for Corporate Actions, a platform-independent, real-time, J2EE framework based solution 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