TCS expands partnership with Africa's Standard Bank Group for security settlement operations

Tata Consultancy Services (TCS) on Monday said it has expanded partnership with Africa's Standard Bank Group for security settlement operations.

The Indian IT major will use their TCS BaNCS Global Securities Processing Platform for centralising and standardising operations in over 15 markets of Standard Bank Group (SBG), the company said in a statement.

TCS BaNCS Global Securities Processing Platform is a SWIFT-certified single consolidated solution to help both buy-side and sell-side firms implement robust, error-proof trade processing, clearing and settlement, custody, portfolio accounting, and corporate actions administration, as per the company.

The platform has been deployed in seven markets while the rest will be covered by March 2024, the statement said.

"With this rollout, SBG will be able to offer a consistent experience and service level across markets and enable enhanced data strategies," TCS Global Head for Financial Solutions Venkateshwaran Srinivasan said.

We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations to offer a unified, consistent, and reliable experience to our customers, SBG Head for Investor Services Rajesh Ramsundhar said.

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