Morocco’s Central Depository deploys TCS BaNCS Market Infrastructure to modernise systems
Maroclear engagement helps TCS Financial Solutions extend footprint in North Africa
BAI – RDS, Orlando Florida, November 18, 2008: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that Maroclear, the Central Depository of Morocco, has selected TCS BaNCS Market Infrastructure to modernise its legacy systems, automate processing and enhance employee productivity.
Fathia Bennis, CEO, Maroclear, said, “With TCS BaNCS Market Infrastructure, we will be deploying a state-of-the art depository solution that will enable us to server our customers better and strengthen the overall clearing and settlement market in Morocco. A modern technology backbone enables a more agile enterprise as we address the challenges of the marketplace in this region.”
Rachid Haboub, Secretary General, Maroclear said:“Over the last ten years, Maroclear demonstrated its ability to meet the securities industry’s need for certainty, reliability and business continuity. By switching over to the TCS BaNCS application, Maroclear is carrying out a major technological enhancement, demonstrating its strong commitment to upgrade the settlement system, and provide more value-added services and straight-through functions to the marketplace.
“This software modernization will assist Maroclear to reduce risk and enhance confidence in Morocco’s securities market,” saidN. Ganapathy Subramaniam, President, TCS Financial Solutions. “Such a technology transformation will drive new product development opportunities and set new benchmarks in Morocco’s growing economy.”
TCS BaNCS Market Infrastructure provides a centralized platform for Central Depository, Exchange Clearing, Registrar and Transfer Agent services that supports multiple asset classes and access channels. TCS BaNCS Market Infrastructure complies with global standards such as ISIN, ISO 15022, G30, and XML, leading to improved risk management practices, and total compliance with legal and regulatory environments and improved governance. As a result, the business application assists to create a more paperless environment, and facilitates faster Straight-Through Processing.
Established in july 1997, Maroclear is the only central securities depository in Morocco and the clearing agency for all depository-eligible securities.
Its main functions include:
- Centralizing custody of securities in current accounts opened exclusively in the name of professional organisations (banks, brokerage firms and issuers), Maroclear has no relation with the general public
- Ensuring the system of payment and delivery of securities
- Simplifying the exercise of rights attached to securities
When it comes to the settlement of the transactions, the Central Depository Maroclear’s mission is to make sure that simultaneous rolling delivery versus payment is respected between all the parties involved in a transaction. Undoubtedly, Maroclear has played a wider role in the control of the market since its creation.
MAROCLEAR is a public limited company and it capital is held by State (25%),Central Bank (Bank Al Magrib 20%),Casablanca Stock Exchange (Bourse de Casablance 5%) and others (50%).
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. 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 will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions delivers 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, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services 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 120,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March, 2008 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information visit us at www.tcs.com.
TCS Financial Solutions Media Contacts
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Phone: +61 (2) 9318 1088
Phone: +41 44 832 10 04
Phone: +91 22 6778 9077