Tata Consultancy Services (TCS) announced a deal with Absa Corporate and Investment Bank of South Africa. To transform itself, the bank chose the TCS BaNCS Global Securities Platform, the IT major’s post-trade processing solution platform across value chains.
Absa Corporate and Investment Bank provides operational and administrative support to asset managers, pension funds, stockbrokers, and global custodians, among others, for local and global custody.
The TCS BaNCS solution will be deployed as an integrated front-to-mid-office platform to support trade management, clearing and settlement, and hosted on the AWS cloud.
Sabir Ballim, Head of Investor Services, Absa Corporate and Investment Bank, said in a statement that they chose TCS’s BaNCS Global Securities Platform to transform their core local and global custody operations in line with their business strategy of growing the South African business and improving investor services.
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, said the company.
Vivekanand Ramgopal, Global Head of BFSI Products & Platforms, TCS, said in a statement that TCS is excited to collaborate with Absa Corporate and Investment Bank to help them develop a differentiated value proposition and support their strategic intent to expand their investor services business across Africa.
According to the company, more than 95 percent of custody transactions in South Africa are handled by TCS BaNCS, which is linked to CSD, Strate, and the settlement is handled by TCS BaNCS’ Market Infrastructure solution.