PARIS | MUMBAI, March 25, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Societe Generale Securities Services (SGSS), a recognized global custodian, has successfully deployed TCS BaNCS as its next-generation, multi-entity asset servicing platform in Germany, UK, France, Ireland and Luxembourg.
SGSS was looking for a platform that met its strategic objectives of providing standardized corporate actions processing and cash management services, and consistent customer experiences across their multiple locations in Europe. It selected the Corporate Actions and Account Management components of TCS BaNCS to build an integrated, innovative platform to deliver real-time customer experience across the custody lifecycle.
The new platform is one of Europe’s first real-time and true multi-entity, unified platforms for corporate actions and securities-based cash operations. It has enabled a hub and spoke model, where the core processing is carried out in a highly automated fashion in the central hub, while the spokes are client facing and local. TCS BaNCS for Corporate Actions offers SGSS the ability to handle processing across custody and investment banking on the same platform and enhances cash payment services via exhaustive real-time position keeping and liquidity management. This further improves the quality of its customer experience.
Mathilde Guerin, Head, Transformation & Technology Delivery, Societe Generale Securities Services, said: “Leveraging the TCS solution and industry knowledge, SGSS has set up a technology platform aiming at providing the highest standard of service to its clients, well adapted to their business development requirements. With this successful deployment, sign of a strengthened cooperation, we offer a comprehensive suite of services, providing 24by7 true multi-entity, real-time processing with quick time to market. With the TCS BaNCS solution being at the forefront of the fintech industry, we provide better user experience to our clients while improving our operational efficiency.”
R Vivekanand, Co-Head, TCS Financial Solutions, said: “TCS BaNCS for Corporate Actions at SGSS is one of the first integrated asset servicing platforms to provide access to high quality data in real-time. The solution automates and standardizes processes across systems, enhancing throughput and transparency, while reducing risk. TCS BaNCS is also unique in its ability to handle processing across custody and investment banking on the same platform. We continue to invest in our market leading asset servicing solutions to further enhance the experience of our customers.”
TCS BaNCS for Corporate Actions offers a comprehensive, rules-driven processing engine with high rates of Straight Through Processing, which can seamlessly interface with any external system, via an integration layer or API. It is fully ISO15022, ISO20022 and DTCC20022 compliant, with automated end-to-end processing for all types of events and products, including derivatives, across all global markets. It supports different business lines, including custody, brokerage, investment banking, asset management, retail and private banking, all within the same implementation.
The award-winning solution is used by more than 40 customers worldwide, who help the product continually evolve by proactively contributing to the development of its roadmap, making it a solution designed by, and for, end users.