TCS and Sernova Financial in Strategic Partnership
Signs agreement to deliver an innovative cloud based post trade processing platform
London | Mumbai, June 20, 2016: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, today announced a partnership to deliver next generation cloud-based derivative post trade processing service on the Calypso platform to Sernova Financial, an innovative provider of turn-key post-trade services.
The partnership combines Sernova Financial’s capital markets expertise, Calypso platform’s capability and TCS’ bouquet of capital markets solutions along with IT-Operations synergies as well as Business Process as a Service (BPaaS) models.
Commenting on the partnership, Venkat Ramasamy, Executive Chairman , Sernova Financial, said, “The Sernova and TCS partnership will enable regional banks and institutional investment managers to efficiently and effectively maintain compliance with the changing global regulatory environment while significantly reducing risk.”
Sernova Financial’s cloud-based clearing service re-creates the shared infrastructure and service elements of traditional clearing brokers and counterparties, providing clients with reduced risk, lower costs, capital efficiency and increased flexibility than with traditional in-house or third party solutions. The services are delivered by Sernova on the Calypso platform with Business Process Services delivered by TCS.
Susheel Vasudevan, Vice President, Banking and Financial Services, TCS, said, "Current regulations require banks to make heavy capital outlays while they are under tremendous pressure to keep cost-income ratios minimum. Banks will need to reinvent their operating model to strike the right balance between cost, compliance and risk. In this context, we believe this will be a game changer going forward and are excited to be part of this journey with Sernova"
Dinanath Kholkar, Vice President & Global Head TCS added, “We are delighted to be the official Services Partner for Sernova Financial. Sernova Financial’s path breaking post trade utility will benefit firms by providing assured services in a fast changing regulatory and business landscape. Industry utilities are increasingly preferred by firms trying to reduce TCO and get the best of people, process and technology. The combined synergies of TCS and Sernova will enable us to deliver best in class solutions to our clients.”
TCS will provide 24/5 service delivery support and take Sernova’s new and innovative approach to financial market infrastructure. The partnership will provide the following benefits to the customers:
- Increased speed to market
- Movement from capital to operating expenditure
- Enable regulatory compliance
- Access to global and regional CCPs
- Best in class business process delivered by TCS BPS
About Sernova Financial
Sernova Financial is an innovative provider of turn-key post-trade services with a focus on clearing and extensions into back-office services such as collateral and integrated risk management. Sernova Financial’s solutions are designed and built by ex-prime service professionals of a top-tier global bank with specialization on intermediation, clearing, collateral, and risk management. Their solution is delivered in partnership with TCS and Calypso Technology. For additional information, visit www.sernovafinancial.com
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 324,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 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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