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Amsterdam, Netherlands / Mumbai, August 13, 2009 – 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 the completion of a multi-entity implementation of TCS BaNCS Securities Processing module as the core engine at Orbay’s back-office Securities Center. Orbay’s Securities Center has now commenced providing end-to-end services such as trade processing, settlement and corporate actions in Europe. Orbay, a subsidiary of Rabobank Netherlands, located in s-Hertogenbosch, was established to provide back-office securities services to financial institutions.
The implementation of a centralized securities back-office center enables Orbay to service various banks in the Netherlands, such as its major and biggest client -Rabobank Private Banking - and other European customers, with a straight through processing (STP) based solution which has the capability to process both high volumes and multi-entity transactions. With TCS BaNCS, Orbay processes around 900,000 service calls per day from the bank’s front-end and around 800,000 customers spread across 153 local banks of Rabobank Private Banking.
Floris Henning, CEO Orbay said “We needed an agile system and a supportive partner simply because of our unique model of offering this system to others while leveraging it for our own transaction processing. Together with our partner, TCS Financial Solutions, we have created a robust platform that will make a real impact on the European Market”.
“The multi-entity implementation of the securities center at Orbay demonstrates our innovation and commitment to provide best of breed business solutions to financial institutions. With its unique core engine design, TCS BaNCS Securities Processing offers compelling value by achieving efficiency and automation." said N. Ganapathy Subramaniam, President, TCS Financial Solutions.
The new “multi-label utility” for securities processing was successfully implemented as a part of a multi-year program. To facilitate the radical transformation to the new platform, phased migrations were undertaken. Due to compelling business requirements, front office migration was launched at the outset by tuning inefficient processes and improving standardization. In the next phase, improvement in straight-through processing (STP), and automation of all transactions were achieved through the implementation of TCS BaNCS Corporate Actions. The back office deployment was undertaken in a phased manner and was completed by the end of first quarter - 2009.
TCS BaNCS Securities Processing offers a securities trade-to-settlement solution enabling multi asset class processing across markets. The unique flexibility of the TCS BaNCS solution is based on a Service Oriented Architecture (SOA) and supports White Label Services. TCS BaNCS Securities Processing is the core engine; it incorporates the complete asset services capabilities including custody, portfolio accounting and corporate actions. This offering elevates the securities processing center into a world-class derivative trading environment.
The solution architecture publishes generic services which can be invoked or embedded in member bank’s front/middle layer systems. The segregation of processing and data for the service center operations model enables “global processing - local data”. The economy of scale is achieved by a common infrastructure to support processing of multiple legal entities, with their specific bank parameterization.
Orbay is the back-office securities processing subsidiary of Rabobank Group
Rabobank Group is a financial services provider operating on the basis of cooperative principles. It comprises 153 independent local Rabobanks and their central organisation Rabobank Nederland and its subsidiaries. Rabobank Group employs around 61,000 FTEs in 45 Countries. Its operations include retail banking, wholesale banking, asset management, leasing and real estate. It serves some 9.5 million clients around the world. In the Netherlands, its focus is on all-finance services and, internationally, on food and agribusiness. The Rabobank Group entities have strong internal ties that stem from its cooperative roots.
Rabobank Group has the highest credit rating, Triple A, awarded by the well-known international rating agencies Standard & Poor’s and Moody’s. In terms of Tier I capital, Rabobank Group is among the world’s twenty largest financial institutions.
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. 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 in excess of 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.
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 $6.0 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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