TCS launches SaaS Platform for FIs to Automate Asset Servicing

Tata Consultancy Services has recently rolled out TCS BaNCS Cloud Platform for the Asset Servicing across all the markets.

The solution is targeted at custodians, asset managers, broker-dealers, and investment, retail and private banks, the announcement says.

TCS claimed that TCS BaNCS Cloud is a Software as a Service (SaaS) platform offers end to end business operations management capability while simplifying operations. TCS also offers BaNCS Cloud as a managed services model, with TCS running the operations on behalf of customers.

Executive Opinion

Vice President, and Co-Head, TCS Financial Solutions, R Vivekanand, said, "By leveraging TCS BaNCS for corporate actions, the Quartz Blockchain solution, data analytics, and workflow solutions, we have put together one of the most modern platforms for capital markets firms worldwide. Early adopters of our new platform, large multinational firms across different geographies, have expressed appreciation at how it helps them gain business agility and seamlessly access new product capabilities and technological innovations with minimal disruption”.

TCS BaNCS Cloud Platform Solution

The core of the new SaaS platform is the flagship TCS BaNCS for Corporate Actions Product, which is integrated with the solutions for event feeds, proxy voting from vendors, tax management, notes the announcement.

The platform risk-based workflows and configuration capabilities make sure high levels of straight-through processing which helps to reduce the conversion and maintenance costs, said the announcement.

This month, Tata Consultancy Services also announced Manchester-based Voyager Alliance Credit Union will use its TCS BaNCS Cloud for Core Banking to facilitate the digital transformation.