Challenge
CorpBanca needed to comply with new regulations and transform its legacy IT infrastructure
After new regulations imposed on trust companies by Colombia’s Ministry of Finance opened the way for investment fund custodians to directly communicate with market entities, CorpBanca sensed an opportunity to expand its business. The company’s legacy IT infrastructure was more than 10 years old and was not robust enough to allow direct connectivity with the market. In addition, it lacked standardized reporting capabilities. In light of these limitations, CorpBanca decided to collaborate with TCS BaNCS to deploy a single, homogenous platform for serving global and local clients.
Solution
CorpBanca implements TCS BaNCS to adhere to industry standards
As CorpBanca’s strategic technology partner, TCS led the transformation initiative by deploying TCS BaNCS for Securities Processing and Corporate Actions – a best-in-class platform for managing assets and investment funds. The implementation was completed in two phases, wherein the applications and new processes were rolled out into the production environment in incremental tranches to minimize risk and ensure business continuity. After successfully operationalizing the platform, . Easily integrated with the systems, the solution helped streamline corporate actions, cash management, and position management, and provided:
Core and reference data management capabilities for handling client, counterparty, broker, stock exchange, and financial instruments information
Web-based service delivery channels for providing real-time view of portfolios and transactions
Client notification system for generating and dispatching FYA and FYI messages to inform clients of custody and corporate action status
Service integrators for connecting with third-party and in-house systems along with legacy applications
A unified dashboard for enabling queue-based management of work items
“Excellent people, excellent product. We are really happy to work with TCS.” –Maria Susana Montero Pinilla, Head Manager - Legal Representative, CorpBanca
