TCS BaNCS Powers Societe Generale Securities Services’ Transformation of Pan-European Custody Platform
Tata Consultancy Services’ Integrated, Real-time, Multi-entity Platform Automates Corporate Actions and Enhances Cash Management Services, Helping the Global Custodian Bank Enhance Customer Experience, Boost its Client Acquisition and Retention Capabilities, and Power its Future Growth
PARIS | MUMBAI, March 25, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Societe Generale Securities Services (SGSS), a recognized global custodian, has successfully deployed TCS BaNCS as its next-generation, multi-entity asset servicing platform in Germany, UK, France, Ireland and Luxembourg.
SGSS was looking for a platform that met its strategic objectives of providing standardized corporate actions processing and cash management services, and consistent customer experiences across their multiple locations in Europe. It selected the Corporate Actions and Account Management components of TCS BaNCS to build an integrated, innovative platform to deliver real-time customer experience across the custody lifecycle.
The new platform is one of Europe’s first real-time and true multi-entity, unified platforms for corporate actions and securities-based cash operations. It has enabled a hub and spoke model, where the core processing is carried out in a highly automated fashion in the central hub, while the spokes are client facing and local. TCS BaNCS for Corporate Actions offers SGSS the ability to handle processing across custody and investment banking on the same platform and enhances cash payment services via exhaustive real-time position keeping and liquidity management. This further improves the quality of its customer experience.
Mathilde Guerin, Head, Transformation & Technology Delivery, Societe Generale Securities Services, said: “Leveraging the TCS solution and industry knowledge, SGSS has set up a technology platform aiming at providing the highest standard of service to its clients, well adapted to their business development requirements. With this successful deployment, sign of a strengthened cooperation, we offer a comprehensive suite of services, providing 24by7 true multi-entity, real-time processing with quick time to market. With the TCS BaNCS solution being at the forefront of the fintech industry, we provide better user experience to our clients while improving our operational efficiency.”
R Vivekanand, Co-Head, TCS Financial Solutions, said: “TCS BaNCS for Corporate Actions at SGSS is one of the first integrated asset servicing platforms to provide access to high quality data in real-time. The solution automates and standardizes processes across systems, enhancing throughput and transparency, while reducing risk. TCS BaNCS is also unique in its ability to handle processing across custody and investment banking on the same platform. We continue to invest in our market leading asset servicing solutions to further enhance the experience of our customers.”
TCS BaNCS for Corporate Actions offers a comprehensive, rules-driven processing engine with high rates of Straight Through Processing, which can seamlessly interface with any external system, via an integration layer or API. It is fully ISO15022, ISO20022 and DTCC20022 compliant, with automated end-to-end processing for all types of events and products, including derivatives, across all global markets. It supports different business lines, including custody, brokerage, investment banking, asset management, retail and private banking, all within the same implementation.
The award-winning solution is used by more than 40 customers worldwide, who help the product continually evolve by proactively contributing to the development of its roadmap, making it a solution designed by, and for, end users.
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: 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 over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM 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 469,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, 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.
To stay up-to-date on TCS global news, follow @TCS_News.
TCS Media Contacts
Phone: +65 9138 4370
Australia and New Zealand
Phone: +61 422 989 682
Phone: +31 615 903387
Phone: +1 647 790 7602
Phone: +91 22 6778 9960
Middle East & Africa
Phone: +81 80 2115 0989
Phone: +569 6170 9013
Phone: +44 20 3155 2421
Phone: +1 203 984 3978