Strate, South Africa selects TCS BaNCS for Multi-asset class Depository operations, expands its relationship with TCS
Mumbai, October 22, 2014: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its customer, Strate (The Central Securities Depository for the electronic settlement of financial instruments in South Africa) has selected the Market Infrastructure solution of TCS BaNCS for its equity and money market depository operations, further expanding the strategic relationship it has with TCS. Strate is also replacing its current bond system with TCS BaNCS Market Infrastructure.
Boosting Strate’s leadership status in the market, this engagement reinforces the long-standing relationship that TCS has had with Strate as a trusted IT solutions partner. This solution will provide Strate with the ability to adopt multiple settlement models across asset classes, along with a flexible framework to cater for market-specific requirements designed to maximize settlement efficiency. In line with global trends, the solution will also provide comprehensive support for both nominee and beneficial ownership account structures.
Monica Singer, CEO, Strate (Pty) Limited, said that she has always maintained that Strate’s success has been built on collaboration and key strategic partnerships. “Since its inception over 15 years ago, Strate has been able to create one of the most advanced and highly rated CSDs in the world by partnering with global market experts, such as TCS. TCS custom-built Strate’s equities system in 1998, as well as our money markets technology again in 2009. This partnership has now moved to the next level with the selection of the TCS BaNCS for Market Infrastructure, which will help us expand and grow our services with an even faster time to market in the future and enable us to explore other products and services that are being provided in other countries that are using the same technology. It will also introduce greater benefits to our market, where they can enjoy a streamlined service across all asset classes, as three systems will be consolidated into one. The benefit thereof is that fewer systems will need to be supported and CSD Participants will have fewer interfaces to maintain.”
R Vivekanand, Vice President, TCS Financial Solutions, said, “TCS has played a key role in the evolution of the settlement infrastructure and STP processes in the South African market, with Strate at its pivot. This new engagement enables us to provide a single solution across all asset classes handled by Strate, thereby increasing agility, ability to handle more products and reducing the total cost of ownership. We value our strong relationship with Strate, and look forward to helping Strate enhance its leadership position among the CSDs in the world.”
As South Africa’s Central Securities Depository (CSD), Strate is licensed to be the independent provider of post-trade products and services for the financial markets. Strate is internationally recognised as a Financial Market Infrastructure (FMI) that is trusted to use its state-of-the-art technology, international expertise and sound risk management framework to support and promote the safety and efficiency of the financial markets. Strate provides electronic settlement for securities - including equity, bond and derivative products (such as warrants, Exchange Traded Funds (ETFs), retail notes and tracker funds) for Africa’s largest stock exchange, the JSE, as well as money market securities for the South African market and equity instruments for the Namibian Stock Exchange. It has collateral management and a corporate actions product range available within its portfolio of value-added services and Strate provides services to issuers for their investors in terms of the Companies Act (2008) and the Financial Markets Act (FMA) (2012).
Visit Strate’s website, www.strate.co.za, for more information.
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 , BPO, 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 300,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $13.4 billion for year ended March 31, 2014 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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