Tata Consultancy Services (TCS), (BSE:523540.bo - News) a leading IT services, consulting and business solutions organisation, announced today at SIBOS 2011 Toronto, that Nedbank Investor Services in South Africa has implemented TCS BaNCS Securities Processing to harness a series of benefits around Compliance, Transaction processing and Operational efficiency.
Nedbank Investor Services (NIS) is South Africa's premier single-market custodian, with approximately ZAR1.7 trillion under custody representing an estimated 30 percent of domestic assets. TCS BaNCS Securities Processing, which replaced older securities and custodial applications, is now the central solution platform for performing all the services across different product sets like equity, bonds, money market issuance and settlement. As a result of this implementation, Nedbank now has increased compliance capability with rules and regulations across markets, enhanced Straight-Through-Processing across all functional areas and markets with minimal user intervention, and achieved economies of scale through reduced system and operational costs. Further, with the web-based front-end for comprehensive processing, the solution will enhance the user experience and build customer loyalty.
Louise Currie, General Manager, Nedbank Investor Services, on the occasion of this project going live, said, "We were expecting quantum benefits through this replacement of our legacy solutions and TCS BaNCS has delivered, on time and within budget. The flexibility and richness of TCS BaNCS has truly surpassed our expectations, and we will dramatically raise the bar in serving our customers in a variety of ways most notably offering them real-time information throughout the transaction cycle".
N Ganapathy Subramaniam, President - TCS Financial Solutions said, "To enable Nedbank to leapfrog over their competitors and provide better information access and agility has been the key goal of this deployment. TCS BaNCS is now the unrivalled leader in South Africa with about 70 percent of custody operations being processed through our platform."