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CorpBanca Deploys Custody Solution for High Market Growth

TCS BaNCS helps CorpBanca become first custodian of investment funds in Colombia

 
Client
CorpBanca Colombia SA Investment Trust
Industries
Capital Markets
Service
Securities Processing, Corporate Actions

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

Benefits

CorpBanca becomes the first custodian of investment funds in Colombia.

With TCS BaNCS, CorpBanca has been able to:

  • Deploy an integrated platform for trade settlements, corporate actions, and position management

  • Get certified from the local stock exchange to act as the custodian in the region

  • Diminish service response time and improve productivity through effective automation and extensibility

  • Achieve ISO 15022 compliance

  • Enrich customer experience

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