Strate will be deploying the Market Infrastructure solution from the TCS BaNCS product suite to replace its current legacy Bond Market System, UNEXcor. TCS provides business application solutions to financial institutions globally, leveraging a comprehensive product portfolio under the brand name of TCS BaNCS.
The solution will provide Strate with the ability to adopt multiple BIS settlement models along with a flexible framework to cater for market-specific requirements designed to maximise settlement efficiency. In line with global trends, the solution provides comprehensive support for both nominee and beneficiary accounts, thereby providing Strate with the ability to smoothly transition to an SOR (Securities Ownership Register) market model. As part of the implementation, the interfaces for the Bond Market System will also be refreshed with ISO standard messages.
The multi-asset class capability and the ability to plug-in new components for value added services make TCS BaNCS a good, long-term strategic choice.
TCS, being a trusted partner of Strate for over 14 years in providing best-in-class IT solutions, with this new engagement, will prove its superior commitment to customers in delivering solutions in a sustained manner and add continuous value and business benefits.
Commenting on the selection of TCS BaNCS, Monica Singer, CEO of Strate, said:
This choice was a natural outcome of a long partnership with TCS as they have demonstrated deep understanding of our business over the years and delivered with certainty. Their product fits into our landscape and future strategy. We aim to raise the efficiency bar, post this deployment for Fixed Income Depository Operations.”
Strate sets the benchmark with new TCS BaNCS model
Mr N. Ganapathy Subramaniam, President of TCS Financial Solutions, said:
TCS has played a strong role in the evolution of the settlement infrastructure in the South African market since the inception of Strate and in making it world class. The selection of TCS BaNCS at Strate further vindicates our commitment to the market and to our solution being best-in-class, in alignment with the strategic direction of our key customers. We look forward to taking our strong relationship with Strate to the next level in value delivery with this Program.”