Source: TCS Financial Solutions
TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, today announced that its TCS BANCS Market Infrastructure solution has been chosen by the New Zealand Stock Exchange (NZX).
TCS BANCS Market Infrastructure provides multientity, multilingual support to Depository and Clearing institutions with comprehensive functionality across Equity, Fixed Income, Commodities and Derivatives asset classes. This product offers complete functional coverage across technology platforms and delivery channels. TCS BANCS Market Infrastructure is fully compliant with international standards from the G30 and the Bank of International Settlements. In addition, the solution complies with global standards such as ISIN and ISO 15022 ensuring continuous adherence to global best practices.
NZX selected TCS BANCS Market Infrastructure based on its ability to assist NZX to maximize its efficiency and to offer Integrated Exchange Clearing, Registry and Depository services for Equity, Fixed Income and Derivatives instruments.
"NZX prides itself on innovation and with TCS BANCS Market Infrastructure we will be able to provide a rock solid proven platform for New Zealand's current equity & planned derivatives markets. With TCS BANCS Market Infrastructure we will be able to pursue a wide range of new product development initiatives like our integrated Emission Registry," stated Stuart Turner, Head of Strategy and Projects at NZX. "TCS BANCS Market Infrastructure will also provide our group with increased flexibility and a lower total cost of ownership."
Mr. N. G. Subramaniam, President, TCS Financial Solutions, comments: "TCS BANCS Market Infrastructure is an established solution leader for Depositories and Clearing organizations. It is unique in providing Depository, Registry and Clearing services in a single solution, which is ideal for markets like New Zealand where these functions are vertically integrated in the stock exchange. NZX will also benefit significantly from the flexibility of the solution since it will give them the agility to introduce products quickly."
Separately, TCS Financial Solutions, a strategic business unit of Tata Consultancy Services (TCS), dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced that TCS BANCS Payments V3.2 has been certified as SWIFT Gold Ready for the Payments market.
This award was based on TCS BANCS Payment V3.2 ability to benchmark against all payments related SWIFT standards. TCS BANCS Payments V3.2 provides an integrated payment solution with end-to-end capabilities ranging from acquisition of a payment instruction to clearing and settlement. In addition to payments processing, the solution offers rich functionality with components that cater to agreement data management, flexible pricing and rich customer reporting. SWIFTReady Gold accreditation is only awarded to applications that specifically adhere to the set of criteria based on SWIFT standards for the support of financial messages on Payments and Cash Management, messaging, connectivity and functionality.
SWIFTReady Gold certification will provide TCS BANCS Payments customers with an increased level of trust and credibility in the solution. TCS BANCS Payments, previously branded Quartz Payments, was also recently awarded with the prestigious Cash Management / Treasury Technology Innovation award by The Banker magazine.
Mr. N.G. Subramaniam, President, TCS Financial Solutions states: "TCS BANCS centralized, STP-oriented Payments solution is establishing itself as one of the world's most innovative business application solutions in the market. With The Banker Payments innovation award, implementation in one of Europe's largest banks and now SWIFTReady Gold accreditation we are extremely confident that we will be able to provide customers with a fast, dependable solution that improves time to market and enhances operational efficiency."