Tata Consultancy Services’ Solution on the Cloud Automates Settlement and Asset Servicing for Custodians, Helping Them Streamline Operations, Deliver Exceptional Client Service, and Drive Growth
MUMBAI, October 8, 2020: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that it has extended its TCS BaNCS Cloud for Asset Servicing offering to include custody services.
TCS’ custody offering supports a single securities back-office for institutional custody, investment banking, retail and private banking for multiple asset classes, including equities, debt, and crypto assets. Currently deployed across leading financial institutions in more than 100 global markets, the solution has comprehensive functionality spread across the trade lifecycle and is designed to incorporate global best practices, market nuances and regulations.
With the SaaS offering, TCS BaNCS Cloud now offers customers a scalable and integrated, global and local custody platform supporting trade settlements, clearing and core custody position, in a 24x7 follow the sun model. Designed with agility at its core, its layered, rule-based business architecture can help customers configure business processes with ease. Additionally, the solution’s embedded intelligence can usher in advanced levels of automation in an increasingly low touch world.
“With the pandemic accelerating the pace of cloud adoption in the financial services industry, the need for a best in class custody solution on the cloud, leveraging cognitive technologies has become significant,” said R Vivekanand, Co-Head, TCS Financial Solutions. “We launched the TCS BaNCS Cloud for Asset Servicing solution last year, and are pleased to announce the extension of the SaaS offering to custody and settlements. Today, 8 of the top 10 custodians run on the custody solution from TCS BaNCS and in the last quarter alone, the solution was deployed at three large financial institutions. As business models change and the number of channels, users, markets and applications grow, we expect more global customers to embrace TCS BaNCS Cloud to meet their future needs.”
TCS BaNCS Cloud is a plug-and-play, pay-as-you-go, one-stop suite of SaaS products and platforms catering to the end-to-end financial services value chain. It has been adopted by banks of varying sizes across the globe for its future-ready digital architecture, functionality, business agility and operational efficiency. The TCS BaNCS Cloud application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance.
Deployed across more than 100 countries, the custody solution from TCS BaNCS is one of the largest collection of components made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems. Designed on a layered architecture and a configurable rule engine, the solution comes with features like real-time processing and APIs. A continuous focus on innovation has resulted in the development of cognitive solutions such as chatbots, AI, analytics (self-healing solutions based on predictive models) and digital dashboards in the solution. It is also augmented by a digital information extraction toolkit that utilizes natural language processing to mine information from documents to capture corporate actions announcements and proxy voting. The solution’s risk-based workflows and extensive configuration capabilities ensure high levels of straight through processing, while also adhering to SMPG guidelines.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: www.tcs.com/bancs
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 453,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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