TCS BaNCS wins B.I.S.S. “System of the Year” Award by setting new industry standards for Straight Through Processing
Mumbai, India, October 02, 2008: TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that that TCS BaNCS has been selected for the premier B.I.S.S. Award “System of the Year” for having the highest aggregate score across all three market sectors of Asset Manager, Broker/Dealer and Custodian for the broad range of its system modules including Integration, Compliance, Corporate Finance and Corporate Actions.
In addition, TCS BaNCS also gained the B.I.S.S. Corporate Actions Accreditation in all three market sectors for the sixth year running. The B.I.S.S. Award was presented to Tata Consultancy Services, C.E.O. & M.D., S Ramadorai and N. Ganapathy Subramaniam, President – TCS Financial Solutions at a glittering dinner at the recently concluded SIBOS in Vienna, Austria.
Speaking at the award presentation, Gary Wright C.E.O., B.I.S.S. Research and creator of the B.I.S.S. business benchmarking concept said “It was no surprise that TCS BaNCS was awarded “System of the Year” because of the development and innovation they have shown over the past six years. Not only is TCS BaNCS a robust, proven solution for Corporate Actions and Corporate Finance world-wide but is also an important solution for a very wide range of operational problems suffered in financial services firms. Over the past six years, over 40 separate expert panel members, drawn from a range of financial services firms have taken part in the benchmark scoring, along with 4 separate Analysts, making this Award completely unique in its objective approach and for this reason TCS Financial Solutions deserves to be congratulated on gaining recognition with this Award . I believe that TCS BaNCS is a very important system for the finance industry as we begin a recovery process from the current economic crisis”
On receiving the award, N. Ganapathy Subramaniam, President – TCS Financial Solutions said “It is always nice to receive validation of our vision in the form of such esteemed accolades while we are focused on solving customer problems. Customers all over the world can reinforce their confidence in our best of breed products and solutions.”
The association of TCS with the B.I.S.S. benchmarking assessment for the past six years stands testimony to the development and advancement of TCS BaNCS as an industry leading, state of the art product. TCS BaNCS Corporate Actions solution in particular, along with its other modules is duly recognized by the B.I.S.S. Award panel which endorsed it as a leading solution with broad functionality values across a range of different operations. TCS BaNCS enables enterprise-wide corporate actions automation as well as being the only system proven in Corporate Finance.
In the benchmarking TCS BaNCS was viewed as a solution that can take control of the entire lifecycle of corporate actions processing requirements in both small and large financial institutions. Thereby mitigating operational risks and improving overall efficiency of organizations of any size and scale. High levels of STP and effective workflow management accrue from BaNCS implementation, which extend its value into many areas of operations. BaNCS has a common processing framework supporting a full range of event types and has a comprehensive operations dashboard, presenting various operation metrics and alerts for critical events and breaks enabling corporate events to be managed in both the primary and secondary markets.
B.I.S.S. Research is an independent company providing analysis of technology and services of suppliers in the Global financial services industry. B.I.S.S. Research analysts are all from a business to IT background with a long track record of procurement in the financial services market place, which enables them to produce unique and valuable assessments of technology and services and their value to the supplier and the market place.
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 will drive growth, reduce costs, mitigate risk and offer a faster speed to market for our clients. 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 Ltd (TCS)
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 116,000 of the world's best trained IT consultants in 50 countries. The company generated consolidated revenues of US $5.7 billion for fiscal year ended 31 March 2008 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
TCS Financial Solutions Media Contacts
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