Solution completely equipped with local vendor and market feeds and extensive SWIFT support
SIBOS, Hong Kong - September 14, 2009: Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading IT services, consulting, business solutions and outsourcing firm, announced today that TCS BαNCS for Corporate Actions has been implemented at Mizuho Trust & Banking Co. (USA).
Commenting on the platform selection George Ziemer, SVP, Head of Operations said, “In this era of heightened uncertainty, and stringent regulatory environment, managing operational risk is the most pressing challenge for securities processing firms. We are glad to rely on TCS BaNCS for Corporate Actions to extract a unified view from multiple feeds and automate the notification and instruction process with our clients. Our ability to automate corporate actions processing and service our customers is enhanced significantly after this implementation.”
Amit Saxena, Product Head - Capital markets, TCS Financial Solutions said, ”Our promise has always been to simplify the complex challenges faced by our customers through innovative use of technology. We are glad that the implementation at Mizuho was accomplished in a very short time and the product would serve Mizuho well in improving the quality and timeliness of Corporate Action information to its customers. We are keen to deliver more through TCS BαNCS for Corporate Actions which supports event types and market practices for more than 40 financial markets.”
Mizuho Trust & Banking Co. (USA) is part of the Mizuho Financial Group whose home office is located in Tokyo, Japan. The Mizuho Financial Group is one of the largest financial institutions in the world, offering a broad range of financial services including banking, securities, trust and asset management, credit card, private banking services, venture capital through its group companies.
About TCS BaNCS Corporate Actions
TCS BaNCS Corporate Actions is an industry leading, SWIFT Ready Gold accredited solution that enables enterprise-wide corporate actions automation. The product supports event types and market practices for 40+ financial markets. By automating the complete lifecycle of corporate actions processing, it helps deliver accurate and timely data to all stakeholders. The functionality includes announcement capture, eligibility and entitlements management, notification and response management, payments and reconciliation, and tax and claims. The solution 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 process framework supporting all types of events.
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, 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 140,000 of the world's best trained IT consultants in 42 countries. The company generated consolidated revenues of US $6 billion for fiscal year ended 31 March 2009 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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