The FINANCIAL -- Tata Consultancy Services (TCS), one of a leading IT services,
consulting and business solutions organisation, announced that its
flagship product, TCS BaNCS has gone live in the US at BNP Paribas for
their custody operations.
The platform is used for post-trade services for local custody of all major asset classes in the US market and connects directly to the US Depository Trust and Clearing Corporation.
TCS BaNCS is a best-in-class solution encompassing all facets of securities services like trade processing, clearing and settlement, corporate actions processing, custody, position and collateral management and cash processing. The solution is built using the latest technology, a web-based application with J2EE architecture. TCS BaNCS provides real time processing and has multi-entity capability to service operational units in a 24/7 environment. As Tata said, the solution provides ease of integration with external market infrastructure such as brokers, depositories, custodians, counter parties and clients' internal systems.
Alain Pochet, global head of clearing and custody services, BNP Paribas , said, “The launch of our custody operations in the US means that we are now our own local custodian for more than 80 percent of our clients’ domestic market assets. It was therefore important for us to go on working on the world’s leading equity market with one of our major IT partner.”
N Ganapathy Subramaniam, president, TCS Financial Solutions, said, ”In addition to demonstrating TCS BaNCS’s proven nature in the US custody space, this deployment showcases how firms can have complete end-to-end control from a regulatory and operational perspective. We are glad to be considered a preferred partner at BNP Paribas and will strive to solve their pressing technology problems globally.”