Tata Consultancy Services announced that Absa Corporate and Investment Bank has selected the TCS BaNCS™ Global Securities Platform to transform and modernize its investor services offerings and enrich customer experience across the trade and corporate actions lifecycle in South Africa. Absa Corporate and Investment Bank is a service leader in the African capital markets industry, offering operational and administrative support for both local and global custody to asset managers, pension funds, stockbrokers, global custodians, among others. As part of its strategic program to transform itself, the bank selected the TCS BaNCS Global Securities Platform, a next-gen post-trade processing solution.
The TCS BaNCS solution will be deployed as an integrated front-to-mid-office platform supporting trade management, clearing and settlement, and hosted on the AWS cloud. It will help Absa Corporate and Investment Bank enhance its product offering, provide a consistent and seamless client experience, significantly increase velocity, and reduce risk through extensive use of straight through processing and drive competitive differentiation. Further, the solution will help the bank enhance operations and drive digital transformation by leveraging the native capabilities of the cloud.
Sabir Ballim, Head – Investor Services, Absa Corporate and Investment Bank, said, “As one of Africa’s largest financial services groups, we harness our deep understanding of investment flows, market participants, sector trends and regulations to unlock value for our clients across the continent. We selected TCS BaNCS Global Securities Platform from Tata Consultancy Services to transform our core local and global custody operations in line with our business strategy of growing the South African business and enhancing our investor services operations. The integrated platform deployed on the cloud will facilitate the development of new products and services and help us adapt and implement the global standards in technological and operational areas.”
Vivekanand Ramgopal, Global Head, BFSI Products & Platforms, TCS, said, “We look forward to working with Absa Corporate and Investment Bank to help them create a differentiated value proposition, and to support their strategic intent to grow their investor services business across Africa. TCS BaNCS is the preferred solution of top financial institutions in South Africa’s capital markets, and this partnership further strengthens our leadership position in the country.”
TCS BaNCS is an integral part of the banking, capital markets and insurance landscape of Africa. Three large depositories and insurance carriers use the market infrastructure and insurance solutions respectively, and leading retail banks across 12 countries in Africa run on TCS BaNCS’ core banking product. More than 95% of custody transactions in South Africa run on TCS BaNCS, connected to CSD, Strate, where the settlement happens on TCS BaNCS’ Market Infrastructure solution. TCS BaNCS and Quartz are supporting South Africa’s national initiative towards a central payments infrastructure that enables real-time retail payments, impacting every citizen in the region.