Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that it has extended its TCS BaNCS Cloud for Asset Servicing offering to include custody services.
TCS’ custody offering supports a single securities back-office for institutional custody, investment banking, retail and private banking for multiple asset classes, including equities, debt, and crypto assets. Currently deployed across leading financial institutions in more than 100 global markets, the solution has comprehensive functionality spread across the trade lifecycle and is designed to incorporate global best practices, market nuances and regulations.
With the SaaS offering, TCS BaNCS Cloud now offers customers a scalable and integrated, global and local custody platform supporting trade settlements, clearing and core custody position, in a 24×7 follow the sun model. Designed with agility at its core, its layered, rule-based business architecture can help customers configure business processes with ease. Additionally, the solution’s embedded intelligence can usher in advanced levels of automation in an increasingly low touch world.
“With the pandemic accelerating the pace of cloud adoption in the financial services industry, the need for a best in class custody solution on the cloud, leveraging cognitive technologies has become significant,” said R Vivekanand, Co-Head, TCS Financial Solutions. “We launched the TCS BaNCS Cloud for Asset Servicing solution last year, and are pleased to announce the extension of the SaaS offering to custody and settlements. Today, 8 of the top 10 custodians run on the custody solution from TCS BaNCS and in the last quarter alone, the solution was deployed at three large financial institutions. As business models change and the number of channels, users, markets and applications grow, we expect more global customers to embrace TCS BaNCS Cloud to meet their future needs.”
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 application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance.
Deployed across more than 100 countries, the custody solution from TCS BaNCS is one of the largest collection of components made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems. Designed on a layered architecture and a configurable rule engine, the solution comes with features like real-time processing and APIs. A continuous focus on innovation has resulted in the development of cognitive solutions such as chatbots, AI, analytics (self-healing solutions based on predictive models) and digital dashboards in the solution. It is also augmented by a digital information extraction toolkit that utilizes natural language processing to mine information from documents to capture corporate actions announcements and proxy voting. The solution’s risk-based workflows and extensive configuration capabilities ensure high levels of straight through processing, while also adhering to SMPG guidelines.