TCS BaNCS powers Societe Generale Securities’ services in Europe

Information technology (IT) services major Tata Consultancy Services (TCS) on Thursday said that Societe Generale Securities Services’ (SGSS) has deployed its banking solution TCS BaNCS for its multi-entity asset servicing platform in Germany, UK, France, Ireland and Luxembourg. 

TCS BaNCS provides financial institution SGSS with a standardized corporate action processing and cash management platform for locations across Europe. More specifically, the company uses corporate actions and account management components of TCS BaNCS to provide real-time services to customers, the company said in a statement to the BSE.  

SGSS is a global asset services provider that currently has € 4,315 billion under custody and € 638 billion under administration. It has 22 offices in 17 countries, according to its website.  

TCS said it has deployed a hub and spoke model, wherein the core processing is carried out in an automated fashion in the central hub, while the spokes will be client facing and local.  

The corporate actions capabilities of TCS BaNCS will help SGSS handle processing in custody and investment banking on the same platform, while enhancing cash payment services through real-time position keep and liquidty management.  

“With this successful deployment, we offer a comprehensive suite of services, providing 24by7 true multi-entity, real-time processing with quick time to market,” Mathilde Guerin, Head, Transformation & Technology Delivery, Societe Generale Securities Services, said.  

The TCS BaNCS for Corporate Actions solution is a rules-driven processing engine which can interface seamlessly with any external system via an integration layer or an API (application programming interface). TCS said the solution is capable of supporting different business processes such as custody, brokerage, investment banking, asset management, retail and private banking.  

Read: TCS to create 1,500 tech jobs in the UK in 2022 

“TCS BaNCS for Corporate Actions at SGSS is one of the first integrated asset servicing platforms to provide access to high quality data in real-time. The solution automates and standardizes processes across systems,” R Vivekanand, Co-Head, TCS Financial Solutions, said.  

TCS Financial Solutions, a business unit of the IT services company, has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. 

TCS BaNCS reportedly provides services to about 400 financial institutions globally. This includes Australian neobank Volt; Federal Bank; Swedish Länsförsäkringar Bank; Scottish Widows, the life insurance and pensions arm of Lloyds Banking Group; Taiwanese lender KGI; Israeli Bank Yahav and Qatar’s QNB Bank.