Standard Bank's Custody and Settlement Operations are to be transformed by TCS BaNCS for better customer service

25 Sep 2023 , 01:30 PM

The largest custodian in South Africa is powered by a solution from Tata Consultancy Services, enabling superior service levels in 15 African markets.

The TCS BaNCSTM Global Securities Processing Platform will be used by Standard Bank Group (SBG), the largest custodian in Africa, to centralize and standardize its custody and securities settlement activities across more than 15 markets.

With USD 635 billion in assets under custody and administration, SBG runs the largest custody network in sub-Saharan Africa, leading the growth of the continent’s capital markets.

By running all of its crucial business functions in the cloud by 2026, the bank hoped to further streamline its custody and settlement procedures, increase operational resilience, and use next-generation technology to enhance its current platform.

SBG turned to TCS, its strategic partner of 25 years, to plan and carry out this digital transformation, one of the largest the bank had ever undertaken in the investor services industry. The TCS BaNCS Global Securities Platform, which enables real-time settlement, reporting, and high-performance services, was at the centre of the transition.

With comprehensive functionality covering the entire capital markets value chain, the TCS BaNCS Global Securities Platform is a cloud-ready, single, consolidated solution that is certified by SWIFT. It assists both buy-side and sell-side firms in implementing reliable, error-proof, STP-enabled, highly scalable processes for trade processing, clearing and settlement, custody, portfolio accounting, and corporate action administration.

SBG will be able to quicken the pace of innovation and provide its clients with consistent, dependable, effective, and high-performance services thanks to the new integrated custody platform. The bank will be able to link to the larger financial services ecosystem with the help of TCS BaNCS’ comprehensive set of APIs and its cutting-edge technological architecture, enabling it to offer consumers innovative, individualized digital goods and services.

The platform increases straight-through processing rates, aids the bank in leveraging a data standardisation plan that can take into account both conventional and virtual assets, and facilitates ISO20022 adoption.

Seven markets, including South Africa, have already adopted the platform; the remaining two will do so by March 2024.

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