TCS and Standard Bank Group Partner to Transform Custody and Settlement Operations in Africa

Tata Consultancy Services (TCS) expanded its partnership with the Standard Bank Group (SBG), the largest custodian in Africa, to centralize and standardize its custody and securities settlement operations in over 15 markets with the TCS BaNCS™ Global Securities Processing Platform.

With the new integrated custody platform, SBG will be able to accelerate the pace of innovation and offer its customers consistent, reliable, efficient, and high-performance services. TCS BaNCS' rich set of APIs and its modern technology architecture will help the bank connect to the wider financial services ecosystem, allowing it to offer customers new, personalized digital products and services.

The platform improves straight through processing levels and helps the bank leverage a data standardization strategy that can accommodate both traditional and crypto assets, while also making the adoption of ISO20022 easier.

The platform has been deployed in seven markets including in South Africa, the others will be implemented by March 2024.

Rajesh Ramsundhar, Head, Investor Services, Standard Bank, said, "We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations with the objectives of offering a unified, consistent, and reliable experience to our customers. The TCS BaNCS Global Securities Processing Platform solution is deployed on a modern tech stack and comes with ecosystem enablers that will help us refine our products and services while ensuring superior operational efficiencies and digital adoption."

Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, "We are delighted to strengthen our 25-year partnership with the successful deployment of the latest version of TCS BaNCS Global Securities Processing platform at Standard Bank Group. We have been investing substantially in our securities solutions to ensure that they bring the best-in-class processing efficiency and API capabilities to help our customers offer a superior experience to their clients."

Source: tcs.com