TCS BaNCS deployed at Colonial First State – Platform provider for Commonwealth Bank of Australia
Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced the successful Implementation of TCS BaNCS for Corporate Actions at Colonial First State (CFS), platform provider of Commonwealth Bank of Australia (CBA). TCS BaNCS helped CFS achieve its business objectives – high STP rates, automated corporate actions processing and improved productivity and scalability.
Brad Massey, General Manager, Fund Services, Colonial First State, commented on the implementation, “We selected TCS BaNCS for Corporate Actions for its comprehensive functionality and established track record of highly successful deployments. Since the implementation, we have been able to increase productivity, enhance operational efficiency, and reduce risks in our corporate actions processing. TCS BaNCS has helped automate 90% of end-to-end processing for mandatory events and 75% for voluntary events. With our processes and infrastructure now demonstrating increased flexibility, our Bank has definitely become more agile.”
Nick Scott, Vice President, TCS Financial Solutions, said, “We are happy to announce the successful deployment of TCS BaNCS for Corporate Actions at Colonial First State. TCS Financial Solutions’ experience and expertise in addressing challenges related to the financial services market in Australia went a long way towards making this project successful, while we also ensured that best practices in corporate actions processing were deployed at the Bank.”
The objectives of this IT transformation exercise were to improve efficiencies, streamline and de-risk corporate actions processing at the Bank. CFS partnered with Tata Consultancy Services to leverage its industry-leading solution, TCS BaNCS for Corporate Actions for the automation and unification of corporate actions processing and went operational with the solution in 2015. As corporate actions were subject to manually intensive and error-prone processes there was no single source of true data. The Bank was looking for a scalable solution that would unify and support the entire corporate actions value chain, with special emphasis on scrubbing, process management, record keeping, downstream processing, and integration with external parties such as custodians and fund managers.
About Colonial First State
Colonial First State (CFS) is a platform provider for Commonwealth Bank of Australia (CBA). CFS provides investment, superannuation and retirement products to individuals as well as to corporate and superannuation fund investors. Our wide range and investment management expertise spans Australian and global shares, property, fixed interest, credit, infrastructure and private equity.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 344,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.