Strate (The Licensed Central Securities Depository for electronic settlement of Financial Instruments in South Africa) announced that it 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 to market-specific requirements designed to maximize 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, Ms. Monica Singer, CEO, 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."
Mr. N. Ganapathy Subramaniam, President, 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 ourur key customers. We look forward to taking our strong relationship with Strate to the next level in value delivery with this Program."