Standard Bank Group (SBG) has selected Indian technology services provider Tata Consultancy Services (TCS) to transform its operations.
The partnership is aimed at modernising SBG’s existing platform and leveraging advanced technology to further streamline its custody and settlement operations.
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It builds on a 25-year alliance between TCS and South Africa-based SBG.
The tie-up will also support SBG’s goals of migrating all its key business functions running on the cloud by 2026 to enhance operational resilience.
Under the alliance, TCS will deploy its TCS BaNCS Global Securities Processing Platform across 15 markets where SBG operates.
TCS claimed that with its platform, SBG will be able to speed up innovation and provide its clients with consistent, dependable, effective and high-performance services.
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By GlobalDataThe bank will be able to link to the larger financial services ecosystem using TCS BaNCS’ APIs and its technological architecture, it added.
The platform is already live in seven markets including South Africa. The remaining markets will follow suit by March 2024.
TCS global head of financial solutions Venkateshwaran Srinivasan said: “We are delighted to strengthen our 25-year partnership with the successful deployment of the latest version of TCS BaNCS Global Securities Processing platform at Standard Bank Group.
“With this rollout across all their Africa operations, SBG will be able to offer a consistent experience and service level across markets and enable enhanced data strategies.”
Standard Bank head of investor services Rajesh Ramsundhar said: “We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations with the objectives of offering a unified, consistent and reliable experience to our customers.
“The TCS BaNCS Global Securities Processing Platform solution is deployed on a modern tech stack and comes with ecosystem enablers that will help us refine our products and services while ensuring superior operational efficiencies and digital adoption.”
Earlier this month, JLR, a luxury automaker, turned to TCS to enhance its digital capabilities and transform its IT operations.
