BNP Paribas Securities Services and TCS join forces to transform asset servicing industry using Blockchain technology
MUMBAI, October16, 2017: Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading IT services, consulting and business solutions organization, announced that its customer BNP Paribas Securities Services teamed up with TCS to deliver Corporate Event Connect, an innovative blockchain-based platform, which will provide fast, accurate and secure corporate event announcements to clients around the world.
Corporate actions processing is one the most complex areas of asset servicing. Information on the multitude of corporate actions taking place every year is processed and cascaded down to investors via various intermediaries, leading to inefficiencies and errors. By leveraging TCS’ Quartz blockchain technology, BNP Paribas will be able to capture and store corporate action information in a structured format to ensure data accuracy and rapid dissemination to clients. The platform’s built-in security will ensure the information is tamper-proof, resistant to node failure and recoverable. Asset servicing information, such as merger and acquisition announcements and dividend payments, will be collected through TCS BaNCS for Corporate Actions from more than 90 markets, including 27 local official sources in BNP Paribas’ proprietary network.
Philippe Ruault, Head of Digital Transformation, BNP Paribas Securities Services, said: “Managing and disseminating corporate event information in an accurate and timely fashion has long been a pain point for the custody industry and we are delighted to be working with TCS on this project. Blockchain is proving to be an extremely useful technology for us, and it is particularly exciting to build a digital ecosystem in cooperation with our clients and partner providers to deliver such a key service.”
R Vivekanand, Vice President and Co-Head, TCS Financial Solutions, said: “Working with BNP Paribas to remove inefficiency and duplication in the corporate event cycle is an exciting opportunity for TCS. We are well positioned to deploy our Quartz blockchain solution, coexisting with TCS BaNCS, to deliver secure, unique information instantaneously to all the participants across the globe. This ‘Coexistence’ approach is unique to Quartz, and we believe it will accelerate adoption of blockchain technology for our customers.”
The platform will use deep learning technology to translate information in seven languages, including five main European and two Asian languages. Corporate Event Connect is currently in beta version and will be rolled out in different phases. The platform marks another milestone in BNP Paribas Securities Services’ Augmented Custody programme launched in June last year to continuously develop and enhance its custody services.
About BNP Paribas Securities Services (www.securities.bnpparibas.com)
BNP Paribas Securities Services, a wholly-owned subsidiary of the BNP Paribas Group, is a leading global custodian and securities services provider backed by the strength of the BNP Paribas Group. It provides multi asset post trade and asset servicing solutions for institutional participants in the investment cycle, from the buy-side and sell-side to corporates and issuers. Covering over 100 markets, offices in 34 countries, the BNP Paribas network is one of the most extensive in the industry. We bring together local insight and a global network to enable clients to maximize their market and investment opportunities worldwide.
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 BαNCS. With a global customer base of more than 370 institutions operating in over 80 countries, TCS BaNCS delivers core systems for the banking, insurance and capital markets industries worldwide for the digital era. For more information, visit us at http://sites.tcs.com/tcsbancs.
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 389,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $17.6 billion for year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. For more information, visit us at www.tcs.com
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