TCS Extends Partnership with Standard Bank Group for Streamlined Custody Operations in 15+ Markets

26 Sep 2023 , 11:35 AM

TCS extends its partnership with Standard Bank Group (SBG), Africa’s largest custodian bank to centralize and standardize custody and securities settlement operations across 15+ markets. Marks a positive trend in IT deal wins and renewals amid macroeconomic uncertainties. The collaboration of over 25 years aims to upgrade SBG’s platform with next-gen tech, enabling cloud-based critical business operations by 2026.

SBG manages the largest custody network in sub-Saharan Africa, overseeing $635 billion in assets under custody and administration.

The integrated custody platform enhances innovation, ensuring consistent, reliable, high-performance customer service. Leveraging TCS BaNCS’ offerings, the platform improves straight-through processing levels and accommodates traditional and crypto assets.

Deployment has already been initiated in seven markets, including South Africa, with full implementation expected by March 2024. The objective is to provide a unified, reliable experience for customers by transforming custody and settlement operations.

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