Challenge
Brazil’s leading private bank wanted to securely automate corporate actions management
Corporate actions management is a major pain-point for modern banks. It can be cost and effort-intensive, not to mention extremely prone to security risks. The Bank tried to establish control mechanisms, but it took several months to process payments after a corporate action announcement, delaying error identification. This led to missed investment opportunities, financial losses, and reduced profitability. The Bank wished to implement an automated corporate actions management solution, aligned with SWIFT’s standardized messaging mechanism.
Solution
TCS BaNCS for Corporate Actions was deployed to streamline corporate actions processing
The Bank selected TCS BaNCS as the preferred solution, considering that TCS BaNCS for Corporate Actions was deployed at four of the top five custodians worldwide and came with an established, fail-proof track record of deployment. The solution’s turnkey capabilities with more than 85% market readiness reduced timelines and accelerated process efficiency, using real-time data processing to transform the client’s information management strategy.
TCS BaNCS enabled end-to-end processing of corporate actions for the Brazilian market as well as certain voluntary events. The solution was integrated with the Bank’s Super Access Coordinator, SWIFT, and the Brazilian Clearing and Depository Corporation. Its features included:
- Flexibility and localization
- Real-time automation
- Enhanced risk management
- Improved user control
The implementation took nine months, with the first two months dedicated entirely to solution analysis, followed by solution alignment and user acceptance. TCS’ intelligent deployment pathway minimized the possibility of errors and ensured customer data was protected throughout.
Large South American Bank Achieves 25% Resource Optimization
