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TCS BαNCS products - Custody and Corporate Actions - win SWIFT Gold 2007 Ready certification

TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that TCS BαNCS Corporate Actions and TCS BαNCS Custody, formerly branded NCS Corporate Actions and Custody, have been certified as SWIFTReady Gold Corporate Actions and SWIFTReady Gold Securities Settlement respectively for 2007.

The SWIFTReady Gold accreditation is only awarded to applications that specifically adhere to the set of criteria linked to the support of SWIFT messages, messaging, connectivity and SWIFT functionality. There is a stringent and specific criterion for each SWIFTReady accreditation. These criteria are designed to reflect the capability of an application to continuously innovate and provide automation in a SWIFT environment. TCS BαNCS Corporate Actions and TCS BαNCS Custody have proven themselves on the respective criterion set by SWIFT.

This May 2007 certification was awarded to TCS BαNCS Corporate Actions for the second consecutive year and TCS BαNCS Custody for the fifth consecutive year. SWIFTReady Gold certifications underscore the market acceptance and customer traction for both products. TCS BαNCS Corporate Actions and TCS BαNCS Custody have had significant wins in the last six months including an international depository in Europe, a leading custodian and a major financial institution in Asia Pacific as well as broker-dealers and asset managers in North America and Europe.

“SWIFTReady Gold accreditation for TCS BαNCS products in the corporate actions and global custody markets are testimony of our continuing commitment to follow best practices and increase the products’ capabilities to maximize straight through processing (STP). SWIFT certifications help re-affirm the confidence shown by our clients in our products and further establishes TCS Financial Solutions standing as a leading partner of choice by financial institutions from around the world,” said Mr. N.G. Subramaniam, President, TCS Financial Solutions.

Hervé Valentin, Partner Solutions Manager at SWIFT, said, "We are pleased to accredit TCS Financial Solutions with these awards to their flagship software solutions TCS BαNCS Custody and TCS BαNCS Corporate Actions. The award renewal for 2007 demonstrates TCS Financial Solutions’ ongoing contribution to the industry, improving both Securities Settlement and Corporate Actions processing for the benefit of financial institutions worldwide.”