The Tata Consultancy Service (TCS), a global software service provider announced the expansion of its partnership with Africa’s Standard Bank Group (SBG) which is the largest custodian in Africa.
The expansion of this partnership is aimed at centralizing and standardizing its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform.
The TCS BaNCS Global securities is a SWIFT-certified cloud-ready single consolidated solution that will assist both buy and sell-side firms to implement robust, error-proof trade processing, clearing and settlement, custody, portfolio accounting, and corporate actions administration.
The set of APIs (application programming interface)and its modern technology will assist the banks in connecting to the wider financial services ecosystem and allow them to offer their customers personalized digital products and services.
Currently, the platform has been deployed in seven markets while the rest will covered by March 2024, according to the official statement.
“Standard Bank is dedicated to transforming the technology landscape in its investor services business, with the objective of having all our critical business operations running in the cloud by 2026. We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations with the objective of offering a unified, consistent, and reliable experience to our customers. The TCS BaNCS Global Securities Processing Platform solution is deployed on a modern tech stack and comes with ecosystem enablers that will help us refine our products and services while ensuring superior operational efficiencies and digital adoption,” said Rajesh Ramsundhar, Head, of Investor Services, Standard Bank.
“We are delighted to strengthen our 25-year partnership with the successful deployment of the latest version of the TCS BaNCS Global Securities Processing platform at Standard Bank Group. We have been investing substantially in our securities solutions to ensure that they bring the best-in-class processing efficiency and API capabilities to help our customers offer a superior experience to their clients. With this rollout across all their Africa operations, SBG will be able to offer a consistent experience and service level across markets and enable enhanced data strategies,” said Venkateshwaran Srinivasan, Global Head, of Financial Solutions, TCS.