Tata Consultancy Services (TCS) has announced that the Nedbank Investor Services in South Africa has implemented TCS BaNCS Securities Processing to harness a series of benefits around compliance, transaction processing and operational efficiency.
Nedbank Investor Services (NIS) is South Africa's premier single-market custodian with approximately ZAR1.7 trillion under custody representing an estimated 30 percent of domestic assets. TCS BaNCS Securities Processing, which replaced older securities and custodial applications, is now the central solution platform for performing all the services across different product sets like equity, bonds, money market issuance and settlement. As a result of this implementation, Nedbank now has increased compliance capability with rules and regulations across markets, enhanced straight-through-processing across all functional areas and markets with minimal user intervention, and achieved economies of scale through reduced system and operational costs. Further, with the web-based front-end for comprehensive processing, the solution will enhance the user experience and build customer loyalty.