DBS and Tata Consultancy Services were Recognized for the Best Custodian System Implementation for 2018
BEIJING | MUMBAI, August 17, 2018: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization announced today that TCS BaNCS, along with its customer DBS, received the coveted award for Financial Markets Technology Implementation of the Year – Best Custodian System Implementation at The Asian Banker Financial Markets Awards 2018. The award ceremony was held in conjunction with the prestigious Future of Finance Summit 2018 in Beijing, China.
TCS BaNCS is a leader in the custody solution space and helps financial service providers keep pace with the latest market changes, regulations, standards and technologies. DBS worked with TCS to move its existing custody application to the latest technology stack to future-proof its business, extend offerings and normalize operations. The new TCS BaNCS solution at DBS Bank is an integrated system that caters to global, regional and even local requirements. It offers seamless services to end-customers across diverse markets, harnessing the benefits of enhanced local and global custody reach.
Adoption of an Agile framework ensured that functional modules were developed and handed over at regular intervals, resulting in a much quicker completion of the entire program. The solution was implemented across DBS Bank’s operations in Singapore, China, Hong Kong, Indonesia and India in just nine months. Post deployment, in a period of six months, the bank has seen a significant increase in its account base and transaction volumes. Additionally, there has been a significant increase in the straight through processing (STP) rate for operations, enhancing productivity, speed and the quality of process outcomes.
Ee Fong Soh, Managing Director, Securities & Fiduciary Services, Client Management & Implementation, DBS Bank, said, “Transitioning to the new solution was done without any disruption, and in phases across our key markets in Singapore, China, Hong Kong, Indonesia and India over a span of nine months. Since implementation, the project has delivered tangible results for the business in terms of operational efficiency and shorter transaction times. The system has also provided us with greater flexibility and capacity to scale our custody solutions offerings as our business grows in depth and breadth across different markets.”
“We are pleased to see the TCS BaNCS program at DBS recognized by The Asian Banker, and congratulate DBS on this accomplishment. With the latest version of TCS BaNCS, we have not only modernized the platform at DBS, but also enabled business growth, which is very gratifying,” said R Vivekanand, Vice President and Co-Head, Financial Solutions, TCS. “Our commitment to future proofing our customers, enabling Agile rollouts across multiple markets and expanding their ecosystems makes TCS BaNCS the preferred core platform for our banking customers to launch their Business 4.0 journeys.”
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