TCS BaNCS Cloud for Asset Servicing now includes Custody Services

By Edil Corneille

Tata Consultancy Services (TCS) has extended its TCS BaNCS Cloud for Asset Servicing offering to include custody services. The new offering supports a single securities back-office for institutional custody, investment banking, retail and private banking for multiple asset classes, including equities, debt, and crypto assets. Currently deployed across financial institutions in over 100 global markets, the solution has comprehensive functionality spread across the trade lifecycle. It is designed to incorporate global best practices, market nuances, and regulations.

With the SaaS offering, TCS BaNCS Cloud now offers customers a scalable and integrated, global, and local custody platform supporting trade settlements, clearing, and core custody position, in a 24×7 follow the sun model. Designed with agility at its core, its layered, rule-based business architecture can help customers configure business processes with ease. Additionally, the solution’s embedded intelligence can usher in advanced levels of automation in an increasingly low touch world.

“With the pandemic accelerating the pace of cloud adoption in the financial services industry, the need for a best in class custody solution on the cloud, leveraging cognitive technologies has become significant,” said R Vivekanand, Co-Head, TCS Financial Solutions. “We launched the TCS BaNCS Cloud for Asset Servicing solution last year, and are pleased to announce the extension of the SaaS offering to custody and settlements. Today, 8 of the top 10 custodians run on the custody solution from TCS BaNCS and in the last quarter alone, the solution was deployed at three large financial institutions. As business models change and the number of channels, users, markets and applications grow, we expect more global customers to embrace TCS BaNCS Cloud to meet their future needs.”

Designed on a layered architecture and a configurable rule engine, the solution comes with features of real-time processing and APIs. Chatbots, AI, analytics (self-healing solutions based on predictive models), and digital dashboards have been developed in the solution. It is also augmented by a digital information extraction toolkit that utilises natural language processing to mine information from documents to capture corporate action announcements and proxy voting. The solution’s risk-based workflows and extensive configuration capabilities ensure high levels of straight through processing, while also adhering to SMPG guidelines.