Nedbank Investor Services, South Africa selects TCS BaNCS Securities Processing for Custodial Operations
Mumbai and Johannesburg, February 25, 2011: Tata Consultancy Services (BSE: 532540, NSE: TCS) a leading global IT services and consulting firm, announced today that Nedbank Investor Services (NIS), a division of Nedbank Limited, has selected the TCS BaNCS suite of products to replace its existing securities and custodial applications.
TCS BaNCS Securities Processing will provide increased compliance with rules and regulations across markets as set out by Nedbank, enhanced Straight-Through-Processing across all functional areas and markets with minimal user intervention, and economies of scale through reduced system and operational costs. Further, with a web-based front-end for comprehensive processing, the solution will provide a richer and convenient user experience while also building customer loyalty.
Louise Currie, General Manager, Nedbank Investor Services, said, “After extensive analysis of various parameters including functional fit, scalability, Service-Oriented Architecture (SOA), compliance and the ability to support the solution in South Africa and other parts of Africa as well, NIS selected the TCS BaNCS suite of products. This solution will help us extend our footprint beyond equities and money markets and actively engage in the bonds markets. As market leaders in South Africa, the flexibility and commitment shown by TCS during the entire process of evaluation was a revelation for Nedbank.”
NG Subramaniam, President, TCS Financial Solutions, said, “With this new engagement with Nedbank Investor Services, about 70 percent of the custody transactions in South Africa will run on TCS BaNCS. This win reiterates our commitment to the South African market and our ability to deliver off-the-shelf products and implement the same in a short span of time.”
About Nedbank Limited
Nedbank Group is South Africa’s fourth-largest banking group measured by assets, with a strong deposit franchise, the second-largest retail deposit base, a client-centric wholesale and retail franchise and a substantial and growing Nedbank wealth management offering. The group offers a wide range of wholesale and retail banking services through five main business clusters, namely, Nedbank Capital, Nedbank Corporate, Nedbank Business Banking, Nedbank Retail and Nedbank Wealth. Nedbank Group focuses on southern Africa, with the group positioned as a bank for all – from both retail and a wholesale banking perspective.
Nedbank Investor Services
Nedbank Investor Services (NIS) is a major player in the South-African market and provides institutional investors with optimal solutions for custodial and settlement services. NIS has relationships with over 100 institutional investors, and whose success is based on integrated custody delivery, utilizing state-of-the-art technology and value-added services, which include online reporting to clients. Nedbank Investor Services consistently receives a Domestic Top Rating by the Global Custodian in major Markets Survey.
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 drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our customers. 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, 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™ (GNDM™), recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 186,500 of the world’s best-trained IT consultants in 42 countries. The company generated consolidated revenues of over US $6.3 billion for fiscal year ended March 31, 2010 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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