TCS bags contract from Africa's Absa Corporate and Investment Bank

23 Aug 2022 , 09:28 AM

Tata Consultancy Services stated that Absa Corporate and Investment Bank has chosen the TCS BaNCSTM Global Securities Platform to reform and modernise its investor services offerings in South Africa, as well as to enhance client experience across the trading and corporate activities lifecycle.

Absa Corporate and Investment Bank is a market leader in the African capital markets industry, providing asset managers, pension funds, stockbrokers, and global custodians with operational and administrative assistance for both local and worldwide custody.

The bank chose the TCS BaNCS Global Securities Platform, a next-generation post-trade processing solution, as part of its strategic transformation initiative.

It will assist Absa Corporate and Investment Bank in improving its product offering, providing a consistent and smooth customer experience, dramatically increasing velocity, reducing risk, and driving competitive differentiation through widespread usage of straight-through processing.

Furthermore, by using the cloud’s natural capabilities, the solution will assist the bank in improving operations and driving digital transformation.

TCS BaNCS will be hosted in the AWS cloud as an integrated front-to-mid-office platform supporting trade management, clearing, and settlement.

At around 9.31 AM, Tata Consultancy Services was trading at Rs3,332.10 per piece, down by 0.66% from its previous closing of Rs3,354.25 on the BSE. The scrip opened at Rs3,324.25 and touched intraday high and low of Rs3,337.60 and Rs3,304.40 respectively.