Mumbai and Johannesburg: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services and consulting firm, announced, today, that Nedbank Investor Services (NIS), a division of Nedbank, has selected the TCS BaNCS suite of products to replace its existing securities and custodial applications.
TCS BaNCS Securities Processing will provide increased compliance with rules and regulations across markets as set out by Nedbank, enhanced straight-through-processing across all functional areas and markets with minimal user intervention, and economies of scale through reduced system and operational costs. Further, with a web-based front-end for comprehensive processing, the solution will provide a richer and more convenient user experience while also building customer loyalty.
Louise Currie, general manager, NIS, said, “After extensive analysis of various parameters including functional fit, scalability, service-oriented architecture, compliance and the ability to support the solution in South Africa and other parts of Africa as well, NIS selected the TCS BaNCS suite of products. This solution will help us extend our footprint beyond equities and money markets and actively engage in the bonds markets. As market leaders in South Africa, the flexibility and commitment shown by TCS during the entire process of evaluation was a revelation for Nedbank.”
N Ganapathy Subramaniam, president, TCS Financial Solutions, said, “With this new engagement with NIS, about 70 per cent of the custody transactions in South Africa run on TCS BaNCS. This win reiterates our commitment to the South African market and our ability to deliver off-the-shelf products and implement the same in a short span of time.”