Thursday, 11 February 2016 11:05

Efficiency gains with Tata BaNCS deployment for Colonial First State

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IT services company, Tata Consultancy Services (TCS), has completed the successful implementation of its BaNCS Corporate Actions solution at Colonial First State (CFS), the platform provider of the Commonwealth Bank.

TCS BaNCS is a SWIFT certified solution that automates end-to-end corporate actions and income processing, and Tata says the solution has 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, said the company 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 the objectives of the IT transformation exercise were to improve efficiencies, streamline and de-risk corporate actions processing at the bank.

“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”.

“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,” Scott said.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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