Tata Consultancy Services deploys TCS BaNCS for Societe Generale unit
Tata Consultancy Services (TCS) said that French investment services company Societe Generale Securities Services (SGSS) has deployed its TCS BaNCS core banking software suite.
TCS BaNCS is being used by Societe Generale Securities Services as its new multi-entity asset servicing platform in Germany, France, UK, Luxembourg, and Ireland.
According to Tata Consultancy Services, the French investment services company was in need for a platform that met its objectives of offering standardized corporate actions processing and cash management services, and consistent customer experiences across its various European locations.
Societe Generale Securities Services chose the corporate actions and account management components of TCS BaNCS for developing an integrated, innovative platform to provide real-time customer experience throughout the custody lifecycle.
Tata Consultancy Services claimed that the new platform is among the first real-time and true multi-entity, unified platforms in Europe for corporate actions and cash operations that are based on securities.
The platform is said to have enabled a hub and spoke model, in which the main processing is performed in a highly automated fashion in the central hub, while the spokes are facing clients and local, said the Indian IT services company.
Furthermore, TCS BaNCS for Corporate Actions enables Societe Generale Securities Services to manage processing across custody and investment banking on the same platform and improves cash payment services through comprehensive real-time position keeping and liquidity management.
R Vivekanand – Co-Head of TCS Financial Solutions said: “TCS BaNCS for Corporate Actions at SGSS is one of the first integrated asset servicing platforms to provide access to high quality data in real-time.
“The solution automates and standardizes processes across systems, enhancing throughput and transparency, while reducing risk. TCS BaNCS is also unique in its ability to handle processing across custody and investment banking on the same platform. We continue to invest in our market leading asset servicing solutions to further enhance the experience of our customers.”
Last month, Tata Consultancy Services said that BankservAfrica, a South African automated clearing house, has selected TCS BaNCS for Market Infrastructure solution for driving the Rapid Payments Program (RPP).