TCS adds custody services to asset servicing offering
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TCS adds custody services to asset servicing offering 12 October 2020Mumbai Reporter: Maddie Saghir
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Tata Consultancy Services (TCS), a global IT services, consulting and business solutions organisation, has extended its TCS BaNCS cloud for asset servicing offering to include custody services.
TCS’ custody offering supports a single securities back-office for institutional custody, investment banking, retail and private banking for multiple asset classes, including equities, debt, and crypto assets.
Currently deployed across financial institutions in more than 100 global markets, TCS said the solution has “comprehensive functionality spread across the trade lifecycle and is designed to incorporate global best practices, market nuances and regulations”.
Meanwhile, with the software-as-a-service offering (SaaS), TCS BaNCS Cloud now offers customers a scalable and integrated, global and local custody platform.
TCS said this will support trade settlements, clearing and core custody positions.
A panel discussion at Sibos recently highlighted the importance of SaaS with one speaker saying “the role of cloud and SaaS is going to become even more significant moving forward”.
R Vivekanand, co-head, TCS Financial Solutions, commented: “With the pandemic accelerating the pace of cloud adoption in the financial services industry, the need for a best in class custody solution on the cloud, leveraging cognitive technologies has become significant.”
“As business models change and the number of channels, users, markets and applications grow, we expect more global customers to embrace TCS BaNCS Cloud to meet their future needs,” Vivekanand added.
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