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Morocco’s Central Depository deploys TCS BαNCS Market Infrastructure to modernise systems

TCS Financial Solutions, the 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 today that Maroclear, the Central Depository of Morocco, has selected TCS BαNCS Market Infrastructure to modernise its legacy systems, automate processing and enhance employee productivity.

Fathia Bennis, CEO, Maroclear, said, “With TCS BαNCS Market Infrastructure, we will be deploying a state-of-the art depository solution that will enable us to server our customers better and strengthen the overall clearing and settlement market in Morocco. A modern technology backbone enables a more agile enterprise as we address the challenges of the marketplace in this region.”

Rachid Haboub, Secretary General, Maroclear said:“Over the last ten years, Maroclear demonstrated its ability to meet the securities industry’s need for certainty, reliability and business continuity. By switching over to the TCS BαNCS application, Maroclear is carrying out a major technological enhancement, demonstrating its strong commitment to upgrade the settlement system, and provide more value-added services and straight-through functions to the marketplace.

“This software modernization will assist Maroclear to reduce risk and enhance confidence in Morocco’s securities market,” said N. Ganapathy Subramaniam, President, TCS Financial Solutions. “Such a technology transformation will drive new product development opportunities and set new benchmarks in Morocco’s growing economy.”

TCS BαNCS Market Infrastructure provides a centralized platform for Central Depository, Exchange Clearing, Registrar and Transfer Agent services that supports multiple asset classes and access channels. TCS BαNCS Market Infrastructure complies with global standards such as ISIN, ISO 15022, G30, and XML, leading to improved risk management practices, and total compliance with legal and regulatory environments and improved governance. As a result, the business application assists to create a more paperless environment, and facilitates faster Straight-Through Processing.