Europe’s leading Custodian to use Single platform to drive Global and Local Custody operations
Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, announced today that TCS BaNCS Corporate Actions has also become operational at BNP Paribas for the Euronext Market. This is a major milestone for BNP Paribas as it helped the Bank to consolidate its Global and Local custody operations to TCS BaNCS platform.
The implementation was accomplished at a time when BNP Paribas was growing not only globally but in Europe as well, while tackling constantly evolving regulatory and competitive pressures. TCS BaNCS Corporate Actions has demonstrated increased operational efficiency and standardization of processes. In addition, there was a reduction in operational risk and maintenance costs. The solution is also now proven support for global and Euronext Market operations while providing improved client reports.
Outlining the program objective Alain POCHET, Head of Banking Services, BNP Paribas, Securities Services, said “In a complex and high risk environment like custody management, optimum efficiency and low risk are keys for success. Partnering with TCS Financial Solutions allowed us to completely focus on the complex marketplace and leave the integration issues to them. We now operate on a faster, leaner infrastructure that allows us to run our business with agility.”
Commenting on the partnership, N. Ganapathy Subramanian, President, TCS Financial Solutions said” We are delighted to serve the growing needs of BNP Paribas, as they march forward pursuing their vision of becoming a highly customer centric organization. Our global track record of enabling multiple custodian banks around the world was showcased again at BNP Paribas”.
Michel LAURENT, Head of Global Network and Strategy at BNP Paribas Securities Services commented “Implementing BaNCS Corporate Actions was a very ambitious project, which was successfully completed thanks to the skills of everyone involved, the ability of both organisations to partner together, and the strategic commitment of both the teams at the management level”.
BNP Paribas offers a wide portfolio of custody services on a global basis, as well as also being able to differentiate itself from the competition by delivering local services to its customers wherever needed. A robust platform that is focused on Straight Through Processing, with an enhanced set of controls and alerts, enables the Bank to process larger volumes in different parts of the world. This infrastructure coupled with the highest level of quality in the market allows BNP Paribas to continue gaining market share despite the prevailing economic conditions.
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