TCS BaNCS to support BNP Paribas’ Custody Operations in the United States
Mumbai, January 22, 2013: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced, today, that its flagship product, TCS BaNCS has gone live in the United States at BNP Paribas for its custody operations. The platform is used for post-trade services for local custody of all major asset classes in the US market and connects directly to the US Depository Trust & Clearing Corporation (US DTCC).
TCS BaNCS is a best-in-class solution encompassing all facets of securities services like trade processing, clearing and settlement, corporate actions processing, custody, position & collateral management and cash processing. The solution is built on the latest technology, a web-based application with J2EE architecture. TCS BaNCS provides real-time processing and has multi-entity capability to service operational units in a 24/7 environment. The solution provides ease of integration with external market infrastructure such as brokers, depositories, custodians, counterparties and clients internal systems.
Alain Pochet, Global Head of Clearing and Custody Services, BNP Paribas, said, “The launch of our custody operations in the US means that we are now our own local custodian for more than 80 per cent of our clients’ domestic market assets. It was, therefore, important for us to go on working on the world’s leading equity market with one of our major IT partners.”
NG Subramaniam, President, TCS Financial Solutions, said, “In addition to demonstrating TCS BaNCS’ proven nature in the US custody space, this deployment showcases how firms can have complete end-to-end control from a regulatory and operational perspective. We are glad to be considered a preferred partner at BNP Paribas and will strive to solve their pressing technology problems globally.”
About BNP Paribas Securities Services
BNP Paribas Securities Services, a wholly owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider backed by a strong universal bank. It provides integrated solutions to all participants in the investment cycle including the buy side, sell side, corporate and issuers.
The bank has a local presence in 34 countries across five continents, effecting global coverage of more than 100 markets. It partners with clients to help overcome complexity, while offering a one-stop shop for all asset classes, both onshore and offshore, around the world.
Key figures as at 30 Jun 2012: USD 6,366 billion of assets under custody; USD 1,187 billion of assets under administration; more than 7,000 administered funds and 7,700 employees. For more information, visit http://securities.bnpparibas.com/jahia/Jahia/site/portal.
About BNP Paribas
BNP Paribas has a presence in 80 countries with nearly 200,000 employees, including more than 150,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the leader in consumer lending. BNP Paribas is rolling out its integrated retail banking model across Mediterranean basin countries, in Turkey, in Eastern Europe and a large network in the western part of United States. In its Corporate & Investment Banking and Investment Solutions activities, BNP Paribas also enjoys top positions in Europe, a strong presence in the Americas and solid and fast-growing businesses in Asia. For more information, visit us at www.bnpparibas.com.
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 clients. With a global customer base of more than 280 institutions operating in over 80 countries, 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, 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, BPS, 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 290,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 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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