Mumbai: Tata Consultancy Services (TCS) has announced that its customer, Strate (The Central Securities Depository for the electronic settlement of financial instruments in South Africa) has selected the Market Infrastructure solution of TCS BaNCS for its equity and money market depository operations, further expanding the strategic relationship it has with TCS. Strate is also replacing its current bond system with TCS BaNCS Market Infrastructure.
Boosting Strate’s leadership status in the market, this engagement reinforces the long-standing relationship that TCS has had with Strate as a trusted IT solutions partner. This solution will provide Strate with the ability to adopt multiple settlement models across asset classes, along with a flexible framework to cater for market-specific requirements designed to maximize settlement efficiency. In line with global trends, the solution will also provide comprehensive support for both nominee and beneficial ownership account structures.
Monica Singer, CEO, Strate, said, “Since its inception over 15 years ago, Strate has been able to create one of the most advanced and highly rated CSDs in the world by partnering with global market experts, such as TCS. TCS custom-built Strate’s equities system in 1998, as well as our money markets technology again in 2009. This partnership has now moved to the next level with the selection of the TCS BaNCS for Market Infrastructure, which will help us expand and grow our services with an even faster time to market in the future and enable us to explore other products and services that are being provided in other countries that are using the same technology.”
R Vivekanand, VP, TCS Financial Solutions, said, “TCS has played a key role in the evolution of the settlement infrastructure and STP processes in the South African market, with Strate at its pivot. This new engagement enables us to provide a single solution across all asset classes handled by Strate, thereby increasing agility, ability to handle more products and reducing the total cost of ownership. We value our strong relationship with Strate, and look forward to helping Strate enhance its leadership position among the CSDs in the world.”
As South Africa’s Central Securities Depository (CSD), Strate is licensed to be the independent provider of post-trade products and services for the financial markets.
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