South Africa-based Absa Corporate and Investment Bank (CIB) has selected the TCS BaNCS from Indian-based IT firm Tata Consultancy Services (TCS) to transform its investment banking services digitally.
The Absa Group owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda and Zambia.
The TCS BaNCS solution, hosted on the AWS cloud, will be implemented as a front-to-mid-office integrated system enabling trade management, clearing, and settlement.
TCS is expecting to support Absa CIB in improving its product offering by delivering a consistent and seamless client experience.
In addition, the firm anticipates assisting the bank in enhancing operations and accelerating digital transformation by utilising the native capabilities of the cloud.
TCS BFSI Products & Platforms global head Vivekanand Ramgopal said: “We look forward to working with Absa Corporate and Investment Bank to help them create a differentiated value proposition, and to support their strategic intent to grow their investor services business across Africa.
“TCS BaNCS is the preferred solution of top financial institutions in South Africa’s capital markets, and this partnership further strengthens our leadership position in the country.”
Absa Corporate and Investment Bank investor services head Sabir Ballim said: “As one of Africa’s largest financial services groups, we harness our deep understanding of investment flows, market participants, sector trends and regulations to unlock value for our clients across the continent.
“We selected TCS BaNCS Global Securities Platform from Tata Consultancy Services to transform our core local and global custody operations in line with our business strategy of growing the South African business and enhancing our investor services operations.
“The integrated platform deployed on the cloud will facilitate the development of new products and services and help us adapt and implement the global standards in technological and operational areas.”
According to the IT firm, TCS BaNCS and Quartz are supporting South Africa’s government-led efforts to create a centralised payments infrastructure that will allow for real-time retail payments.