CTBC chooses Tata Consultancy Services for legacy system updates
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CTBC chooses Tata Consultancy Services for legacy system updates 09 April 2019Taipei Reporter: Jenna Lomax
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Chinatrust Commercial Bank (CTBC) Taiwan has selected Tata Consultancy Services (TCS) BaNCS for Custody to update its legacy systems to a modern platform.
The TCS BaNCS’ platform will assist CTBC to standardise and integrate operations between its Taiwan and Hong Kong businesses.
The platform covers asset servicing, settlements, cash, and pricing services on a single system.
The product comes with features like real-time processing and application programme interface and includes artificial intelligence, analytics and digital dashboards.
The solution is also augmented by a digital information extraction tool utilising natural language processing programming that can help mine information from documents to capture corporate action announcements and proxy voting.
Frank Shih, executive vice-president and group head at CTBC, said: “We chose TCS BaNCS for Custody as our preferred solution to help us deliver a seamless customer experience, maintain our leading position in Taiwan, and extend our footprint into new markets.”
R Vivekanand, vice-president and co-head, TCS Financial Solutions, commented: “TCS BaNCS for Custody is a global leader in the post trade custody, clearing and settlement space. The solution will future-proof CTBC’s technology roadmap, bring in the latest global standards and regional functionality for Asia, and help CTBC unify heterogeneous markets.”
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