Philippines Depository rolls out TCS BaNCS for all asset classes
SIBOS Hong Kong, September 16, 2009: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading IT services, consulting, business solutions and outsourcing firm, announced today that Philippine Depository & Trust Corp. (PDTC) a subsidiary of PDS Group, has migrated all its post trade systems to TCS BaNCS Market Infrastructure, earlier called eClearSettle.
PDTC had already opened its infrastructure to support the clearing and settlement activities of its fixed income market, with trading facilities provided by its sister-company, the Philippine Dealing & Exchange Corp. It has steadily been providing depository services to the equities market since its inception in 1997, and has been the first and only depository in the country. Subsequently, PDEC launched its Collateral Management service supporting the Inter-Professional Repurchase Agreement Market Program operated within the fixed income market infrastructure on the TCS platform. This phased-in implementation of the TCS BaNCS was followed by the migration of the Equities Depository and PvP/PDDTS (Payment settlements) to TCS BaNCS.
Commenting on the choice of a technology partner, Vicente Castillo, CEO, PDS Group said, “The choice of the TCS Platform was a critical step in our vision for the PDS Group. We view TCS as more than just a provider of one of our most essential systems; TCS is our partner in market development, providing the lifeblood to our core services and value added components.”
Speaking on the occasion, N Ganapathy Subramaniam, President, TCS Financial Solutions said, “TCS is a key stakeholder and technology partner to the PDS Group. We are delighted that TCS BaNCS has played such a pivotal role in modernizing the Philippines market in a number of ways. We were able to bring in both Internet access, and Multi-asset class support, neither of which is common in the Market Infrastructure space. We look forward to our continuing work with the PDS Group in introducing new products, increasing efficiency and delighting customers.”
About the Market Infrastructure solution from TCS BaNCS
The Market Infrastructure solution from TCS BaNCS provides a multi-asset class centralized platform for Exchange Trading, Central Depository, Exchange Clearing, Registrar and Transfer Agent services and Market Surveillance. It complies with global standards such as ISIN, G30, and XML, leading to greater Straight-Through Processing (STP), lower risk, better governance and faster time to market.
About the Philippine Depository & Trust Corporation
The Philippine Depository & Trust Corp. (PDTC), is a member of the PDS Group of Companies, composed of the Philippine Dealing System Holdings Corp. (PDS), the holding company of the Group, and its 3 operating subsidiaries: the Philippine Dealing & Exchange Corp. (PDEx), PDTC, and the Philippine Securities Settlement Corp. (PSSC). PDTC, in turn, is the sole owner of a special purpose corporation, PCD Nominee Corp., specifically organized to hold legal title to all securities lodged in its depository as nominee.
PDTC provides Depository, Custody and Registry services. It likewise provides the value added service of collateral management to the Group’s liquidity boosting Programs, including its Securities Lending Transactions Program and its Inter-Professional Repurchase Agreement Market Program.
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. 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
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 140,000 of the world's best trained IT consultants in 42 countries. The company generated consolidated revenues of US $6 billion for fiscal year ended March 31, 2009 and is listed on the National Stock Exchange and Bombay Stock Exchange in India.
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