Colonial First State (CFS), platform provider for the Commonwealth Bank of Australia, has successfully implemented the Tata Consultancy Services (TCS) BaNCS for Corporate Actions solution.
TCS was mandated to improve straight-through processing rates, to automate and streamline corporate actions processing, and to improve productivity, efficiency and scalability.
According to TCS, corporate actions were previously subject to manual and error-prone processes, without a single source of accurate data. The solution is intended to unify, automate and support the whole corporate actions value chain, thereby reducing risk.
It focuses on data scrubbing, process management, record-keeping and integration with external parties such as custodians and fund managers.
Brad Massey, general manager of fund services at Colonial First State, said: “We selected TCS BaNCS for Corporate Actions for its comprehensive functionality and established track record of highly successful deployments. Since the implementation, we have been able to increase productivity, enhance operational efficiency, and reduce risks in our corporate actions processing.”
“TCS BaNCS has helped automate 90 percent of end-to-end processing for mandatory events and 75 percent for voluntary events. With our processes and infrastructure now demonstrating increased flexibility, our bank has definitely become more agile.”
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