The platform will automate end-to-end asset servicing of financial institutions

Tata Consultancy Services (TCS) announced the launch of the TCS BaNCS Cloud for Asset Servicing, which automates the servicing of all classes of assets across all markets, and is targeted at custodians, broker dealers, asset managers, and investment and private banks.

Taking advantage of greater standardization and the increased appetite for shared systems, operations and infrastructure in the asset servicing industry, TCS new SaaS platform provides end-to-end business operations management capability, while enhancing business agility, simplifying operations and future-proofing the enterprise. Institutions can subscribe to one or more services across the asset servicing value chain, including Golden Copy Announcement creation, processing of income, mandatory or voluntary events. Additionally, the platform is available in a managed services model, with TCS running the operations on behalf of customers.

At the core of TCS BaNCS Cloud for Asset Servicing is the flagship TCS BaNCS for Corporate Actions product, integrated with best-in-class solutions for event feeds, tax management and proxy voting from market leading vendors, configured for optimized operating and service performance.

The same instance of the cloud-based platform supports different business lines, including custody, brokerage, investment banking, asset management, retail and private banking. It automates the processing of all types of corporate events, across product types, including derivatives, across all markets. The platform’s risk-based workflows and extensive configuration capabilities ensure high levels of straight through processing, adhering to SMPG guidelines. High levels of automation and continual market and regulatory compliance (including ongoing SRD2 – Shareholders Rights Directive) help reduce the conversion and maintenance costs.  

Its support for ISO 15022, ISO 20022 and DTCC 20022 messaging standards as well as its standardized interface for multiple vendor feeds for announcements, instruments and positions, eases integration with other in-house, third party systems and TCS BaNCS APIs, allowing for the live updates of event data and position, tax or entitlement information.

“By leveraging TCS BaNCS for Corporate Actions, the Quartz Blockchain solution, data analytics and workflow solutions, we have put together one of the most modern platforms for capital markets firms worldwide. Early adopters of our new platform, large multinational firms across different geographies, have expressed appreciation at how it helps them gain business agility and seamlessly access new product capabilities and technological innovations with minimal disruption,” said R Vivekanand, Vice-President and Co-Head, TCS Financial Solutions.

TCS BaNCS Cloud is a plug-and-play, pay-as-you-go, one-stop suite of SaaS products and platforms catering to the end-to-end financial services value chain. It has been adopted by banks of varying sizes across the globe for its future-ready digital architecture, functionality, business agility and operational efficiency. The TCS BaNCS Cloud platforms’ proven application architecture ensures anytime, anywhere digital access, scalability, resilience, high performance, and compliance.