New Development Bank Deploys TCS BaNCS as its Flexible Digital Backbone
TCS’ Treasury Cloud Solution Went Live in 12 Weeks, Enabling Quicker Realization of Business Benefits
SHANGHAI | MUMBAI, October 4, 2018: Tata Consultancy Services (TCS), (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organization, announced that New Development Bank (NDB), a multilateral development finance institution set up by the BRICS nations and headquartered in Shanghai, has gone live with TCS BaNCS for Treasury.
NDB selected TCS BaNCS for its risk and treasury operations for the solution’s support for an impressive array of asset classes, and advanced features such as real-time position keeping, risk analytics, and a single product configurator that supports complex debt structures for their issuance programs. The cloud-based offering of TCS BaNCS reduces the time taken for customer on-boarding to a fraction of what it takes in conventional on-premise implementations, as the need to procure and invest in internal infrastructure is eliminated, along with the complexities involved in replacements.
The go-live at NDB, which was achieved in 12 weeks, deployed TCS’ market proven methodology for cloud on-boarding that leverages enabler toolkits for all project activities – from solution configuration and alignment, to migration, training and testing. TCS also demonstrated its capability with ISO/IEC 27001:2013 cloud services with this deployment, enabling responsive and resilient operations for the bank. TCS BaNCS will now support all market operations linked to NDB’s investment and liability portfolio consisting of global bond issuances, including managing inherent risks.
Commenting on the go-live, Leslie Maasdorp, Vice-President & Chief Financial Officer, NDB, said, “Technological change will continue to transform the economic landscape and open new opportunities for citizens of BRICS nations. For a bank to develop conventional infrastructure as well as to take maximum advantage of transformative technological developments as they happen at high speed and large scale, a flexible and digital backbone is essential. TCS BaNCS was selected not only for its extensive product capabilities but also for its compelling and relevant implementation footprint across the globe.”
Venkateshwaran Srinivasan, Head of TCS Financial Solutions, said, “This is another exciting area for TCS BaNCS to support the growth of a prestigious multi-lateral institution that is powering broad based development in underserved, emerging economies. The deployment was quick and efficient and TCS BaNCS for Treasury on the cloud is operational at NDB, bringing business benefits in a very short timeframe. Rapid deployment of technology solutions enabled by the cloud, is the mantra that businesses globally are adopting to ensure quick ROI.”
TCS BaNCS for Treasury is an integrated, cross-asset-class solution for front-, middle-, and back-office operations in treasury and trade, encompassing cash and derivatives on foreign exchanges, money markets, fixed income, equities and hybrid structures. It is a multi-entity, multi-currency trading, risk management, processing, settlements and accounting solution that drives innovation, agility and efficiency in markets worldwide.
About New Development Bank
New Development Bank is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014 with an initial authorized capital of USD 100 billion. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. Since the launch of its operations, NDB approved projects in its member countries with loans aggregating over USD 5.1 billion. The Bank’s headquarters is located in Shanghai, China. For more information about NDB, please visit the official website of the Bank at http://www.ndb.int.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: https://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 400,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com
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