TCS Widens Partnership with Africa's Standard Bank Group For Security Settlement Operations

CIOTechOutlook Team | Monday, 25 September 2023, 11:16 IST

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Tata Consultancy Services announced an expansion of its security settlement operations relationship with Africa's Standard Bank Group. The Indian IT firm will employ its TCS BaNCS Global Securities Processing Platform to centralize and standardize operations in over 15 Standard Bank Group (SBG) markets, according to a statement. According to the company, the TCS BaNCS Global Securities Processing Platform is a SWIFT-certified single consolidated solution that assists both buy-side and sell-side firms in implementing robust, error-proof trade processing, clearing and settlement, custody, portfolio accounting, and corporate actions administration.
 
As per the announcement, the platform has been deployed in seven markets, with the remaining markets to be covered by March 2024.
 
"With this rollout, SBG will be able to offer a consistent experience and service level across markets and enable enhanced data strategies," TCS Global Head for Financial Solutions Venkateshwaran Srinivasan said.
 
We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations to offer a unified, consistent, and reliable experience to our customers, SBG Head for Investor Services Rajesh Ramsundhar said, as per economic times.
 
TATA Consultancy Services Limited is a global Indian information technology services and consulting firm based in Mumbai, Maharashtra.It is part of the Tata Group and has 150 locations in 46 countries. TCS was estimated to have over 600,000 employees worldwide in July 2022. TCS is the second largest Indian corporation in terms of market capitalization and is one of the most valuable IT service brands in the world, as well as the largest Big Tech (India) company.  
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