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PRESS RELEASE
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SIBOS|Amsterdam, October 29, 2010: TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that TCS BaNCS has secured SWIFTReady 2010 certification in three categories - Securities Processing, Corporate Actions and Payments - for the third consecutive year. This further demonstrates the breadth of the TCS BaNCS offering across banking, capital markets and insurance landscape and its unique positioning as a leading universal financial services provider. It is awarded only to applications that can provide complete compliance to the SWIFT environment and continue to meet the guidelines prescribed by SWIFT on a year-on-year basis.
This recognition also showcases TCS BaNCS global market compliance and enhances its positioning by creating a positive impact on existing as well as potential customers. The certification was based on TCS BaNCS outstanding ability to benchmark itself against stringent SWIFT standards in the areas of Securities Processing, Corporate Actions and Payments.
“Standards compliance is a hallmark of TCS BaNCS” said NG Subramaniam, President, TCS Financial Solutions. “The certification of TCS BaNCS across different categories further validates our unique positioning as a provider of solutions across the banking and capital markets spectrum.” He added, “TCS is committed to providing the best in terms of compliance to global standards and local practices.”
TCS BaNCS has been closely working with SWIFT for over a decade in defining best practices and delivering business value and proven technical excellence for the benefit of the global financial services community. It is also a leading-edge player in promoting STP and is currently working actively with SWIFT in being an early propagator of proxy voting standards for Corporate Actions and ISO 20022.
TCS BaNCS - Corporate Actions is an industry-leading solution that enables enterprise-wide corporate actions automation. The solution currently supports event types and market practices for 40+ financial markets.
The Securities Processing solution from TCS BaNCS helps firms implement a highly scalable processing infrastructure and overcome the hurdles posed by higher volumes of cross-border trades, increased complexity of financial instruments and shorter settlement cycles.
TCS BaNCS - Payments, an award-winning STP-oriented solution, enables institutions to efficiently manage payments and cash management needs across multiple markets operating across time zones. This multi-product, multi-entity offering also helps institutions realize a centralized payments hub that increases operational efficiency, enables STP and reduces maintenance costs.
TCS BaNCS is designed around a parameterized business component model and is specifically enabled to service the business objectives of customers, products, accounts and the business organization through which the solution is delivered to customers. Within the architecture, the system comprises components designed and integrated to provide specific functionality that may be required by the customer.
About SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect over 8,300 banking organizations, securities institutions and corporate customers in more than 208 countries. SWIFT enables its users to exchange automated, standardized financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.
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 drive growth, reduce costs, mitigate risk, and offer a faster speed-to-market for our customers. 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 285,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $11.6 billion for year ended March 31, 2013 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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