TAIPEI: Tata Consultancy Services (TCS), a leading global IT services, consulting, and business solutions organization announced that TCS BaNCS for Custody has been selected by Chinatrust Commercial Bank (CTBC) Taiwan to transform operations and enhance customer experience, a statement issued to Bombay Stock Exchange (BSE) said.
CTBC, a leading securities services provider in Taiwan with over US$550 billion assets under custody, selected TCS BaNCS to consolidate a fragmented IT landscape and transform its legacy systems to a modern platform. TCS BaNCS’ multi-entity, -currency, and -market capabilities spanning the complete value chain for settlements, asset servicing, cash, and pricing services on a single platform, will help CTBC standardize and integrate operations between its Taiwan and Hong Kong businesses, thereby laying a strong and sustainable foundation for future growth and expansion.
Speaking on the selection of TCS BaNCS, Frank Shih, Executive Vice-President and Group Head, CTBC, said, “With our stated aim of becoming a ‘Taiwan Champion – Asia Leader’, we have envisioned our technology program to help raise customer service experience levels to the highest global standards even as we continue to accelerate growth initiatives in the Asia Pacific (Hong Kong and Taiwan) and other markets. We chose ICS BaNCS as our preferred solution to help us deliver a seamless customer experience, maintain our leading position in Taiwan, and extend our footprint into new markets.”
“BaNCS is a global leader in the post trade custody, clearing and settlement space. The solution will future proof CTBC’s technology roadmap, bring in the latest global standards and regional functionality for Asia, and help CTBC unify heterogeneous markets,” said R Vivekanand, Vice-President and Co-Head, TCS Financial Solutions.
TCS BaNCS for Custody is offered both on premise and on the cloud in SaaS models. Designed on a layered architecture, the product comes with features like real-time processing and APls. Cognitive innovations in the product include chat bots, Al, analytics (self-healing solutions based on predictive models), and digital dashboards.
The solution is also augmented by a digital information extraction toolkit utilizing NLP that can help mine information from documents to capture corporate action announcements and proxy voting.[the_ad id=”31605″]