TCS BaNCS Transforms Standard Bank’s Custody and Settlement Operations
With this rollout across all their Africa operations, SBG will be able to offer a consistent experience and service level across markets.
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Tata Consultancy Services expanded its partnership with the Standard Bank Group (SBG), a custodian in Africa, to centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform.
Rajesh Ramsundhar, Head, Investor Services, Standard Bank, said, “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 objectives 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.”
Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are delighted to strengthen our 25-year partnership with the successful deployment of the latest version of 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.”
With the new integrated custody platform, SBG will be able to accelerate the pace of innovation and offer its customers consistent, reliable, efficient, and high-performance services. TCS BaNCS’ rich set of APIs and its modern technology architecture will help the bank connect to the wider financial services ecosystem, allowing it to offer customers new, personalised digital products and services.
The bank sought to upgrade its existing platform and leverage next-generation technologies to further streamline its custody and settlement processes and build greater resilience in its operations by having all its critical business operations running in the cloud by 2026. The platform improves straight-through processing levels and helps the bank leverage a data standardisation strategy that can accommodate both traditional and crypto assets, while also making the adoption of ISO20022 easier. The platform has been deployed in seven markets, including in South Africa, the others will be implemented by March 2024.
