TCS receives SwiftReady label for NCS corporate actions
02 October 2006 | 1928 views | 0
Source: Tata Consultancy Services
Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NI), a leading global IT services and consulting firm, today announced that it has been awarded the 2006 SWIFTReady label for its corporate actions automation software solution, NCS Corporate Actions.
NCS Corporate Actions is the industry-leading corporate actions automation solution tailored to address the straight-through processing (STP) needs of asset managers, broker-dealers, custodians and depositories around the world. NCS Corporate Actions has been implemented in more than 35 financial markets across North America, Europe, Africa, Australia and Asia Pacific. Leading institutions that have chosen NCS Corporate Actions include institutions like DTCC, Bank of New York, Standard Chartered Bank, BNP Paribas, ANZ, and the Canadian Depository for Securities.
The SWIFTReady program is a widely-recognized quality standard in the financial industry and has become a key criteria in the purchasing decision process of financial institutions. The SWIFTReady Corporate Actions label is awarded to corporate actions applications that maintain strict adherence to specific criteria regarding the support of ISO 15022 corporate actions messages. SWIFTReady accreditation also requires broad compliance with global market practice guidelines.
"We are extremely pleased with the continued commitment from TCS to deliver straight-through processing solutions to the corporate actions business of our mutual customers through their NCS Corporate Actions product," said Philippe Lecomte, Manager, SWIFT Partner Solutions.
"TowerGroup believes that full SWIFT readiness is a key differentiating feature among corporate actions systems now that SWIFT's ISO 15022 financial messaging standard has become a preferred method for transmitting corporate actions data," said Matthew Nelson, Senior Analyst at TowerGroup in a recent research report titled "Corporate Actions Automation Software: Tools for the March Toward STP" (V47:15M). "We believe that full SWIFT readiness will become a necessity for corporate actions automation software in the future."
Speaking on the occasion of the successful awarding of the SWIFTReady label to NCS Corporate Actions, N. G. Subramaniam, Vice President and head of TCS' banking industry practice said, "Over the last several months we have successfully implemented NCS at some large institutions and are pleased with the traction we are getting among our customers and prospects. The SWIFTReady label is a confirmation of the positive feedback that we continue to receive from our NCS customers."
NCS Corporate Actions is a SWIFT ISO 15022 compliant system that enables straight-through processing of corporate events and allows effective exception handling capabilities. The NCS Corporate Actions processing system offers end-to-end lifecycle management for corporate actions to enable true straight-through processing of all corporate events.
NCS provides its clients with powerful modular components for announcement capture, data scrubbing, notification, entitlement, reconciliation, disbursements, workflow management, alerts, and exception handling. These help achieve higher straight-through processing rates, better client servicing, lower operational costs, reduced risk, and increased efficiency.
NCS has also received the SWIFTReady Securities Settlement accreditation for four consecutive years.