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Standard Bank taps TCS to transform Custody, Settlement Operations

By Delisha Fernandes

September 25, 2023

  • Capital Market
  • Digital core
  • digital products
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Tata Consultancy Services, Standard Bank Group, TCS BaNCS, sub-Saharan Africa, capital market, SWIFT, financial services, digital products, digital core, FinTech news, FinTech India, FinTech AfricaTata Consultancy Services has expanded its partnership with the Standard Bank Group (SBG), one of the largest custodian in Africa, to centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform.

The TCS BaNCS platform is a cloud-ready, single, consolidated solution, certified by SWIFT, that comes with comprehensive functionality encompassing the entire capital markets value chain, helping both buy-side and sell-side firms implement robust, error-proof, STP-enabled, highly scalable processes for trade processing, clearing and settlement, custody, portfolio accounting and corporate actions administration.

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, “We are delighted to strengthen our 25-year partnership with the successful deployment of the latest version of TCS BaNCS Global Securities Processing platform at Standard Bank Group. We have been investing substantially in our securities solutions to ensure that they bring the best-in-class processing efficiency and API capabilities to help our customers offer a superior experience to their clients.”

With the new integrated custody platform, SBG will be able to accelerate the pace of innovation and offer its customers consistent, reliable, efficient, and high-performance services. TCS BaNCS’ rich set of APIs and its modern technology architecture will help the bank connect to the wider financial services ecosystem, allowing it to offer customers new, personalized digital products and services.

The platform improves straight through processing levels and helps the bank leverage a data standardization strategy that can accommodate both traditional and crypto assets, while also making the adoption of ISO20022 easier.

Rajesh Ramsundhar, Head, Investor Services, Standard Bank, said, “Standard Bank is dedicated to transforming the technology landscape in its investor services business, with the objective of having all our critical business operations running in the cloud by 2026. We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations with the objectives of offering a unified, consistent, and reliable experience to our customers.”

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