TCS Launches SaaS Platform for Financial Institutions to Automate End-to-End Asset Servicing
Tata Consultancy Services’ BaNCS™ Cloud for Asset Servicing Reduces Complexity, Improves Agility and Future-proofs the Enterprise
LONDON | MUMBAI, September 24, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced the launch of the TCS BaNCS™ Cloud for Asset Servicing, which automates the servicing of all classes of assets across all markets, and is targeted at custodians, broker dealers, asset managers, and investment and private banks.
Taking advantage of greater standardization and the increased appetite for shared systems, operations and infrastructure in the asset servicing industry, TCS’ new SaaS platform provides end-to-end business operations management capability, while enhancing business agility, simplifying operations and future-proofing the enterprise. Institutions can subscribe to one or more services across the asset servicing value chain, including Golden Copy Announcement creation, processing of income, mandatory or voluntary events. Additionally, the platform is available in a managed services model, with TCS running the operations on behalf of customers.
At the core of TCS BaNCS Cloud for Asset Servicing is the flagship TCS BaNCS for Corporate Actions product, integrated with best-in-class solutions for event feeds, tax management and proxy voting from market leading vendors, configured for optimized operating and service performance.
The same instance of the cloud-based platform supports different business lines, including custody, brokerage, investment banking, asset management, retail and private banking. It automates the processing of all types of corporate events, across product types, including derivatives, across all markets. The platform’s risk-based workflows and extensive configuration capabilities ensure high levels of straight through processing, adhering to SMPG guidelines. High levels of automation and continual market and regulatory compliance (including ongoing SRD2 – Shareholders Rights Directive) help reduce the conversion and maintenance costs.
Its support for ISO 15022, ISO 20022 and DTCC 20022 messaging standards as well as its standardized interface for multiple vendor feeds for announcements, instruments and positions, eases integration with other in-house, third party systems and TCS BaNCS APIs, allowing for the live updates of event data and position, tax or entitlement information.
“By leveraging TCS BaNCS for Corporate Actions, the Quartz™ Blockchain solution, data analytics and workflow solutions, we have put together one of the most modern platforms for capital markets firms worldwide. Early adopters of our new platform, large multinational firms across different geographies, have expressed appreciation at how it helps them gain business agility and seamlessly access new product capabilities and technological innovations with minimal disruption,” said R Vivekanand, Vice-President and Co-Head, TCS Financial Solutions.
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 platforms’ proven application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services, focused on helping financial institutions across the world transform their businesses with the TCS BaNCS suite of products and platforms. Deployed by more than 450 progressive organizations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms leverage technology to become agile, enhance customer experience, accelerate product innovation, and embrace open standards and blockchain to leverage the extended ecosystem and achieve their growth and transformation objectives. 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 the last fifty 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 436,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, 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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TCS Financial Solutions Media Contacts:
Global
Dennis Roman, Global Head – Products & Platforms Marketing
Email: dennis.roman@tcs.com
Phone: +1 561 865 3339
Global
Anjana Chandrika – Head, Marketing, Communications and Research, TCS BaNCS
Email: anjana.srikanth@tcs.com
Phone: +91 8067256963
TCS Media Contacts
Asia Pacific
Email: charlene.lee@tcs.com
Phone: +65 9138 4370
Australia and New Zealand
Email: Kelly.ryan@tcs.com
Phone: +61 422 989 682
Benelux
Email: Joost.galema@tcs.com
Phone: +31 615 903387
Canada
Email: tia.thomas@tcs.com
Phone: +1 647 790 7602
Central Europe
Email: anke.maibach@tcs.com
Phone: +49 172 6615789
Europe
Email: mattias.afgeijerstam@tcs.com
Phone: +46723989188
India
Email: arushie.sinha@tcs.com
Phone: +91 22 6778 9960
Japan
Email: douglas.foote@tcs.com
Phone: +81 80 2115 0989
Latin America
Email: martin.karich@tcs.com
Phone: +569 6170 9013
Nordics
Email: roland.bagen@tcs.com
Phone: +46703178024
UK
Email: peter.devery@tcs.com
Phone: +44 20 3155 2421
USA
Email: b.trounson@tcs.com
Phone: +1 646 313 4594
