MUMBAI: IT major Tata Consultancy Services (TCS) on Tuesday announced the launch of the TCSBaNCS'” Cloud for Asset Servicing, which automates the servicing of all classes of assets across all markets, and is targeted at custodians, broker dealers, asset managers, and investment and private banks.
TCS’ new SaaS platform provides end-to-end business operations management capability, while enhancing business agility, simplifying operations and futureproofing the enterprise. lnstitutions can subscribe to one or more services across the asset servicing value chain, including Golden Copy Announcement creation, processing of income, mandatory or voluntary events. Additionally, the platform is available in a managed services model, with TCS running the operations on behalf of customers.
At the core of TCS BaNCS Cloud for Asset Servicing is the flagship TCS BaNCS for Corporate Actions product, integrated with best-in-class solutions for event feeds, tax management and proxy voting from market leading vendors, configured for optimized operating and service performance.g innings in educational services as a trainer and administrator (OES-II, DIET cadre).
The same instance of the cloud-based platform supports different business lines, including custody, brokerage, investment banking, asset management, retail and private banking. lt automates the processing of all types of corporate events, across product types, including derivatives, across all markets. The platform’s risk-based workflows and extensive configuration capabilities ensure high levels of straight through processing, adhering to SMPG guidelines. High levels of automation and continual market andregulatory compliance (including ongoing SRD2 – Shareholders Rights Directive) help reduce the conversionand maintenance costs.
Its support for ISO L5O22, ISO 20022 and DTCC 2OO22 messaging standards as well as its standardized interface for multiple vendor feeds for announcements, instruments and positions, eases integration withother in-house, third party systems and TCS BaNCS APls, allowing for the live updates of event data and position, tax or entitlement information.