NIS selects TCS BaNCS securities processing for custodial ops

Mumbai, Feb 25 (PTI) Tata Consultancy Services (TCS)today said that Nedbank Investor Services (NIS), a division ofNedbank Limited, has selected the TCS BaNCS suite of productsto replace its existing securities and custodial applications.

TCS BaNCS Securities Processing will provide increasedcompliance with rules and regulations across markets as setout by Nedbank, enhanced Straight-Through-Processing acrossall functional areas and markets with minimal userintervention, and economies of scale through reduced systemand operational costs, it said in a press release issued here.

Further, with a web-based front-end for comprehensiveprocessing, the solution will provide a richer and convenientuser experience while also building customer loyalty.

Nedbank Investor Services'' General Manager, LouiseCurrie, said, "after extensive analysis of various parametersincluding functional fit, scalability, service-orientedarchitecture (SOA), compliance and the ability to support thesolution in South Africa and other parts of Africa as well,NIS selected the TCS BaNCS suite of products. This solutionwill help us extend our footprint beyond equities and moneymarkets and actively engage in the bonds markets. As marketleaders in South Africa, the flexibility and commitment shownby TCS during the entire process of evaluation was arevelation for Nedbank." .