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Philippines Depository rolls out TCS BαNCS for all asset classes

Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading IT services, consulting, business solutions and outsourcing firm, announced today that Philippine Depository & Trust Corp. (PDTC) a subsidiary of PDS Group, has migrated all its post trade systems to TCS BαNCS Market Infrastructure, earlier called eClearSettle. PDTC had already opened its infrastructure to support the clearing and settlement activities of its fixed income market, with trading facilities provided by its sister-company, the Philippine Dealing & Exchange Corp. It has steadily been providing depository services to the equities market since its inception in 1997, and has been the first and only depository in the country. Subsequently, PDEC launched its Collateral Management service supporting the Inter-Professional Repurchase Agreement Market Program operated within the fixed income market infrastructure on the TCS platform. This phased-in implementation of the TCS BαNCS was followed by the migration of the Equities Depository and PvP/PDDTS (Payment settlements) to TCS BαNCS.

Commenting on the choice of a technology partner, Mr. Vicente Castillo, CEO, PDS Group said, “The choice of the TCS Platform was a critical step in our vision for the PDS Group. We view TCS as more than just a provider of one of our most essential systems; TCS is our partner in market development, providing the lifeblood to our core services and value added components.”

Speaking on the occasion, N. Ganapathy Subramaniam, President – TCS Financial Solutions said, “TCS is a key stakeholder and technology partner to the PDS Group. We are delighted that TCS BαNCS has played such a pivotal role in modernizing the Philippines market in a number of ways. We were able to bring in both Internet access, and Multi-asset class support, neither of which is common in the Market Infrastructure space. We look forward to our continuing work with the PDS Group in introducing new products, increasing efficiency and delighting customers.”