MUMBAI, India and TORONTO, Sept. 19, 2011 /PRNewswire/ -- Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS) 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."
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best-of-breed solutions that drives growth, reduces costs, mitigates risk and offers a faster speed-to-market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model (GNDM™), recognised as the benchmark of excellence in software development. A part of the Tata group, India's largest industrial conglomerate, TCS has over 202,500 of the world's best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
SOURCE Tata Consultancy Services