May 17 2016, 15.47 PM IST || Pocket News Alert
MUMBAI, May 17, 2016:Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions firm, announced that IDBI Capital Market Services Ltd (IDBI Capital), IDBI Bank’s Financial Services arm, has gone operational with the Securities Trading and Processing solution from TCS BaNCS for its online brokerage business. TCS BaNCS implemented its digital trading and processing platform at IDBI Capital, enabling it to expand business by offering new products, enhancing operational efficiency and improving risk management.
IDBI Capital had embarked on a core securities systems transformation program to exploit the potential of digitization, rationalize its application landscape, and simplify its technology infrastructure. Their objectives were to improve customer centricity, support multiple channels and align with digital trading developments/trends. As part of this transformation project, TCS BaNCS implemented its integrated front-to-back-office brokerage solution, a comprehensive multi-asset, multi-channel solution with centralized risk management, mobile trading using iOS and Android devices, and multiple bank and online depository interfaces.
Commenting on the transformation program and the implementation of TCS BaNCS, Mr. Nagaraj Garla – Managing Director and Chief Executive Officer, IDBI Capital, said, “We needed a robust, high-performance, integrated trading platform, which would give us the capability to create and offer innovative solutions to our customers in an operationally efficient, cost-effective and timely manner. A market-ready solution that enables niche capabilities on smartphones and tablets in this increasingly mobile and contact-less trading world is what we needed. The implementation of TCS BaNCS at IDBI Capital is testimony to the product’s strengths, proven capabilities and global customer footprint.”
Bharat Shah, Principal Consultant, TCS Financial Solutions, said, “TCS BaNCS has enabled IDBI Capital to deliver an intuitive, interactive and insightful digital trading experience across multiple channels, thereby fulfilling its growing business needs. IDBI Capital is leveraging the product suite’s comprehensive functionality, superior performance and high availability to gain significant traction in the market.”
TCS BaNCS replaced multiple trading and trade processing platforms at IDBI Capital with a single, front-to-back office brokerage platform. The new solution has enabled digital trading functionality over the internet and mobile channels for retail clients. The solution is channel agnostic, allows for trading across asset classes and facilitates a central view of orders placed across different types of channels. TCS BaNCS is a complete package providing innovative trading, flexible brokerage and efficient client management. TCS partnership with premier banks’ brokerage houses in India has established TCS BaNCS position as a leading solution.
About IDBI Capital Market Services Ltd
IDBI Capital Market Services Ltd., (IDBI Capital) is a wholly owned subsidiary of IDBI Bank Ltd and is a leading Investment Banking & Financial Services Company. IDBI Capital offers a full suite of products and services to Corporate, Institutional and Individual clients. The range of services include investment banking, private equity, corporate advisory services, mergers and acquisitions, stock broking – institutional and retail, distribution of financial products, research and underwriting, among others.
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™, recognised as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 353,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $16.5 billion for year ended March 31, 2016 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com