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Tata Consultancy Services’ TCS BaNCS™ will Help Standardize and Streamline Processes in Over 100 Markets and Further Enhance Customer Experience
PRESS RELEASE
NEW YORK | MUMBAI, September 15, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS),) today announced an expanded strategic alliance with J.P. Morgan’s Securities Services business. The firms are extending their partnership to include TCS BaNCS™ to further enhance the customer experience around corporate actions for J.P. Morgan’s Global Custody clients in over 100 markets.
The real-time, event-driven, multi-market platform will enable J.P. Morgan Securities Services to provide clients with a standardized and streamlined process in each market whilst achieving over 90% straight through processing for mandatory Corporate Actions.
Hannah Elson, Global Head of Custody, J.P. Morgan, said, “We selected TCS BaNCS to assist in further streamlining our corporate actions processing and providing near-real time data to Global Custody clients enabling them to make time-critical investment decisions.”
“Our award-winning solution has been driving market innovation, delivering increased straight through processing and enhancing end client experiences across multiple markets, sources and assets,” said Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS. “The successful adoption at scale of our TCS BaNCS for Corporate Actions solution at a leading custodian like J.P. Morgan is testimony to our solution’s versatility both from a business and a technology standpoint.”
TCS BaNCS for Corporate Actions provides firms with an asset servicing solution implemented at leading CSD’s, custodians, investment banks, fund and asset managers and brokers. 8 of the top 10 custodian firms worldwide and 300 capital market firms run on the TCS BaNCS suite of products. The corporate actions solution is fully ISO15022, ISO20022 and DTCC20022 compliant, with automated end-to-end processing for all types of events and products, including derivatives, across all global markets. TCS BaNCS is also certified with the SWIFT Ready label for Corporate Actions.
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
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 Agile™ 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 606,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, 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 MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
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