October 04, 2018
New Development Bank deploys TCS BaNCS as its flexible digital backbone
Tata Consultancy Services’ treasury cloud solution went live in 12 weeks, enabling quicker realisation of business benefits
Shanghai | Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE:TCS), a leading IT services, consulting and business solutions organisation, announced that New Development Bank (NDB), a multilateral development finance institution set up by the BRICS nations and headquartered in Shanghai, has gone live with TCS BaNCS for treasury operations.
NDB selected TCS BaNCS for its risk and treasury operations for the solution’s support for an impressive array of asset classes, and advanced features such as real-time position keeping, risk analytics and a single product configurator that supports complex debt structures for their issuance programmes. The cloud-based offering of TCS BaNCS reduces the time taken for customer onboarding to a fraction of what it takes in conventional on-premise implementations, as the need to procure and invest in internal infrastructure is eliminated, along with the complexities involved in replacements.
The go-live at NDB, which was achieved in 12 weeks, deployed TCS’s market-proven methodology for cloud onboarding that leverages enabler toolkits for all project activities — from solution configuration and alignment to migration, training and testing. TCS also demonstrated its capability with ISO/IEC 27001:2013 cloud services with this deployment, enabling responsive and resilient operations for the bank. TCS BaNCS will now support all market operations linked to NDB’s investment and liability portfolio consisting of global bond issuances, including managing inherent risks.
Commenting on the go-live, Leslie Maasdorp, vice-president and chief financial officer, NDB, said, “Technological change will continue to transform the economic landscape and open new opportunities for citizens of BRICS nations. For a bank to develop conventional infrastructure as well as take maximum advantage of transformative technological developments as they happen at high speed and large scale, a flexible and digital backbone is essential. TCS BaNCS was selected not only for its extensive product capabilities but also for its compelling and relevant implementation footprint across the globe.”
Venkateshwaran Srinivasan, head of TCS financial solutions, said, “This is another exciting area for TCS BaNCS to support the growth of a prestigious multi-lateral institution that is powering broad-based development in underserved, emerging economies. The deployment was quick and efficient and TCS BaNCS for treasury on the cloud is operational at NDB, bringing business benefits in a very short time frame. Rapid deployment of technology solutions enabled by the cloud is the mantra that businesses globally are adopting to ensure quick ROI.”
TCS BaNCS for treasury is an integrated, cross-asset-class solution for front- middle- and back-office operations in treasury and trade, encompassing cash and derivatives on foreign exchanges, money markets, fixed income, equities and hybrid structures. It is a multi-entity, multi-currency trading, risk management, processing, settlements and accounting solution that drives innovation, agility and efficiency in markets worldwide.