Standard Chartered needed an integrated platform to manage global custody flows
Standard Chartered wanted to replace its technology infrastructure in order to provide its customers real-time visibility into their holdings, capitalize on investment opportunities in emerging markets, streamline cash management, and reduce risks. The banking major decided to partner with TCS BaNCS to implement a single touch custody model to directly connect investors with local custodians under its Strategic Target Operating Model (STORM) securities services transformation program.
Standard Chartered implements TCS BaNCS’ custody solution, improves transaction processing
The transition was carried out in two stages: TCS BaNCS initially implemented the custody solution for extending asset servicing capabilities such as corporate actions. In the second stage, the solution covered core settlement capabilities such as trade capture, settlement, and safekeeping for the 24 countries that the bank operated in.
As part of the deployment process for the single-touch custody model, TCS BaNCS designed and implemented an account operator framework, which would help the bank gain a leading edge. The process increased straight-through processing (STP) rates while the bank was able to access real-time updates on operations.
TCS BaNCS’ solution also offered:
- Rule-based processing capabilities
- Position keeping updates
- Reference data management
- Effective foreign exchange handling
“TCS BaNCS has placed us at the leading edge.” - George Nast, Managing Director, Global Head of Product Management, Transaction Banking, Standard Chartered Bank