KELER Ltd., the Hungarian CSD, selects TCS BaNCS for platform modernization and T2S settlement
Mumbai | Budapest, November 26, 2013: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced, today, that Keler Ltd., Hungary’s Central Securities Depository, has selected the Market Infrastructure solution of TCS BaNCS to modernize its technology and set up its capability for T2S settlement. The TCS BaNCS solution will provide KELER with a modern, standards compliant, multi-asset, multi-entity solution that will enable KELER to quickly introduce new products and services to its market participants and engage with its stakeholders better through faster reporting and communication.
Commenting on the selection, Gyorgy Dudas, CEO, Keler Ltd., said, “We are excited that with this deployment we will be ushering our depository into a unique position in the Central and Eastern European market landscape. This opens up new avenues for us as we enhance our capabilities and offerings and be on time for T2S settlement as well.”
The Market Infrastructure solution of TCS BaNCS is a proven multi-asset class, multi-entity platform, which will enable KELER to modernize the Hungarian post-trade space with improved services to its depository participants, custodians and cash settlement banks both in domestic and cross border markets. KELER will also leverage the standard set of interfaces of TCS BaNCS for interacting with the T2S platform. R Vivekanand, Vice President, TCS, said, “Hungary is an important market for us. We are eager to demonstrate our Market Infrastructure and T2S capability there and expand our track record in the European CSD space. It is a great opportunity to be part of Keler’s vision to herald a new era in the Hungarian capital market.”
About KELER Ltd.
KELER Ltd., founded in 1993, is owned by the Central Bank of Hungary and the Budapest Stock Exchange. Together with KELER CCP Ltd. they form the infrastructure that facilitates the seamless operation of the domestic capital and energy markets.
As the sole central securities depository in the Hungarian capital market KELER provides the infrastructure for the issuance and serves as notary for Hungarian securities. KELER also offers local and global post-trade services to both Hungarian and international clients, including settlement, fails management, asset servicing, collateral management, securities lending, liquidity and funds order routing solutions. KELER Ltd. has signed up with the European Central Bank to become a direct T2S participant and will offer its customers a unique service to settle securities transactions in this new, safe and cost-efficient environment.
KELER today services clients from 18 countries across Europe.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of TCS. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 290,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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