Mumbai: 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.
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