Info-tech

TCS BaNCS powers Societe Generale Securities Services' pan-European custody platform

Our Bureau Mumbai | Updated on March 25, 2021

Tata Consultancy Services (TCS) on Thursday announced that Societe Generale Securities Services (SGSS), a recognised global custodian, has successfully deployed the TCS BaNCS as its next-generation, multi-entity asset servicing platform in Germany, United Kingdom, France, Ireland and Luxembourg.

SGSS was looking for a platform that met its strategic objectives of providing standardised corporate actions processing and cash management services, and consistent customer experiences across their multiple locations in Europe.

It has picked the Corporate Actions and Account Management components of TCS BaNCS to build an integrated platform to deliver real-time customer experience across the custody lifecycle, the company said.

The new platform enables a hub and spoke model, automating the core processing in the central hub, while the spokes are client-facing and local.

TCS BaNCS for Corporate Actions offers SGSS the ability to handle processing across custody and investment banking on the same platform.

It enables real-time position keeping and liquidity management to enhance cash payment services. The platform offers a comprehensive, rules-driven processing engine with high rates of Straight Through Processing, which can seamlessly interface with any external system, via an integration layer or API, TCS said.

Mathilde Guerin, Head, Transformation & Technology Delivery, Societe Generale Securities Services, said: “With this successful deployment, sign of a strengthened cooperation, we offer a comprehensive suite of services, providing 24by7 true multi-entity, real-time processing with quick time to market.”

“TCS BaNCS for Corporate Actions at SGSS is one of the first integrated asset servicing platforms to provide access to high-quality data in real-time. The solution automates and standardizes processes across systems, enhancing throughput and transparency, while reducing risk. TCS BaNCS is also unique in its ability to handle processing across custody and investment banking on the same platform,” R Vivekanand, Co-Head, TCS Financial Solutions, said.

The solution is fully ISO15022, ISO20022 and DTCC20022 compliant, with automated end-to-end processing for all types of events and products, including derivatives, across all global markets. It supports different business lines, including custody, brokerage, investment banking, asset management, retail and private banking, all within the same implementation, it said.

Published on March 25, 2021

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