Europe’s leading Custodian to use Single platform to drive Global and Local Custody operations
MUMBAI, May 18, 2010: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, announced today that TCS BaNCS Corporate Actions has also become operational at BNP Paribas for the Euronext Market. This is a major milestone for BNP Paribas as it helped the Bank to consolidate its Global and Local custody operations to TCS BaNCS platform.
The implementation was accomplished at a time when BNP Paribas was growing not only globally but in Europe as well, while tackling constantly evolving regulatory and competitive pressures. TCS BaNCS Corporate Actions has demonstrated increased operational efficiency and standardization of processes. In addition, there was a reduction in operational risk and maintenance costs. The solution is also now proven support for global and Euronext Market operations while providing improved client reports.
Outlining the program objective, Alain POCHET, Head of Banking Services, BNP Paribas, Securities Services, said “In a complex and high risk environment like custody management, optimum efficiency and low risk are keys for success. Partnering with TCS Financial Solutions allowed us to completely focus on the complex marketplace and leave the integration issues to them. We now operate on a faster, leaner infrastructure that allows us to run our business with agility.”
Commenting on the partnership, N. Ganapathy Subramanian, President, TCS Financial Solutions said "We are delighted to serve the growing needs of BNP Paribas, as they march forward pursuing their vision of becoming a highly customer centric organization. Our global track record of enabling multiple custodian banks around the world was showcased again at BNP Paribas.”
Michel LAURENT, Head of Global Network and Strategy at BNP Paribas Securities Services commented “Implementing BaNCS Corporate Actions was a very ambitious project, which was successfully completed thanks to the skills of everyone involved, the ability of both organisations to partner together, and the strategic commitment of both the teams at the management level.”
BNP Paribas offers a wide portfolio of custody services on a global basis, as well as also being able to differentiate itself from the competition by delivering local services to its customers wherever needed. A robust platform that is focused on Straight Through Processing, with an enhanced set of controls and alerts, enables the Bank to process larger volumes in different parts of the world. This infrastructure coupled with the highest level of quality in the market allows BNP Paribas to continue gaining market share despite the prevailing economic conditions.
About BNP Paribas Securities Services
BNP Paribas Securities Services is a wholly owned subsidiary of the BNP Paribas Group, delivering independent flexibility and commitment, backed by the strength of a leading universal bank. Operating across the investment cycle, we provide post-trade administration solutions to buy-side and sell-side financial institutions and issuers. The Bank has a local presence across 28 countries and global coverage of over 100 markets, offering a one-stop shop for all asset classes, both onshore and offshore, across the globe. With EUR 3.34 trillion (USD 4.65 trillion) assets under custody, EUR 565 billion (USD 786 billion) assets under administration and close to 6,000 funds administered*, BNP Paribas Securities Services is Europe’s leading securities services provider.
About BNP Paribas
BNP Paribas (www.bnpparibas.com) is the Eurozone’s leading bank in terms of deposits, and one of the 10 strongest banks in the world in terms of net banking income, equity capital and market value. Furthermore, it is one of the 6 strongest banks in the world according to Standard & Poor's. With a presence in 85 countries and more than 205,000 employees, 165,200 of which in Europe, BNP Paribas is a global-scale European leader in financial services. It holds key positions in its three activities: Retail banking, Investment Solutions and Corporate & Investment Banking. The Group benefits from its four domestic markets: Belgium, France, Italy and Luxembourg. BNP Paribas also has a significant presence in the United States and strong positions in Asia and the emerging markets.
About TCS BaNCS Corporate Actions
TCS BaNCS Corporate Actions is an industry leading, SWIFT Ready Applications accredited solution that enables enterprise-wide corporate actions automation. At present, the solution supports event types and market practices for 40+ financial markets. By automating the complete lifecycle of corporate actions processing, it can help your firm deliver accurate and timely data to stakeholders. This includes announcement capture, entitlements management, notification and response management, payments and reconciliation, and tax and claims. It is a solution that addresses the challenges faced by securities firms of all sizes and types—be it custodians, asset managers, broker-dealers or central securities depositories (CSDs). It also implements a common processing framework supporting a full range of event types.
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 (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 160,000 of the world's best trained IT consultants in 42 countries. The Company generated consolidated revenues of over US $6.3 billion for fiscal year ended 31 March 2010 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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