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.”
“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.