Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services and consulting firm, announced an ASP initiative with Strate, the licensed Central Securities Depository(CSD) in South Africa.
This joint venture with TCS, for the TCS BaNCS Securities Processing solution, will provide best-in-class and leading edge technology to mid-tier players in the South African market.
Monica Singer, CEO, Strate Ltd., speaking about the joint venture, said "Strate is keen to offer this unique low TCO offering, which will make it possible for more players to participate in the South African market, thereby widening the investor base. We have had a long association with TCS, who have also been the leading Custody solution provider in South Africa. We are glad to leverage our relationship to create this initiative."
Commenting on the joint venture, N Ganapathy Subramaniam, President, TCS Financial Solutions, said, "TCS has been a key player in the South African market for over a decade. We are very proud of our work for Strate and for the significant majority of the CSD participants in the South African market. We are now leveraging our relationship and the experience we have of the South African market to provide a unique cloud offering for the mid-tier custodians in the market."