PremiumTCS will offer its ‘BaNCS’ platform to enable on-cloud trading and investment services for Absa CIB’s clients.TCS says that its BaNCS platform is used across 450 locations around the world
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NEW DELHI: Tata Consultancy Services (TCS), on Monday that South Africa’s Absa Corporate and Investment Bank (CIB) has appointed the Indian IT giant to digitally transform its investment banking services. TCS will offer its ‘BaNCS’ platform to enable on-cloud trading and investment services for Absa CIB’s clients.
The companies, in a joint statement, said that as part of the agreement, TCS will power Absa CIB’s front- and mid-end operational services, which include trade management, clearing and settlement of trades, and other “operational and administrative" services for asset managers, stock brokers and other users of Absa’s service.
TCS says that its BaNCS platform is used across 450 locations around the world, and covers “more than 1 billion" accounts for banking networks globally.
The services will be hosted on Amazon Web Services’ (AWS) cloud platform, and will help Absa improve speed as well as safety of transactions, the companies said.
To be sure, investment banking operators have been increasingly using cloud services to migrate their businesses to digital platforms. In November last year, US-based multinational investment bank and services firm, Goldman Sachs, had announced a financial cloud service based on AWS. The service offers data management and analytics to help investment banking operators migrate from legacy operational infrastructures, the investment firm said at Amazon’s re:Invent technology conference last year.
According to AWS, global financial service operators that use its cloud services include Germany’s Allianz, UK’s Barclays Group, USA’s Stripe, and others.
Technology service providers such as TCS’s BaNCS use AWS to build financial services atop the cloud platform, which is subsequently offered to clients such as Absa CIB to migrate their services to digital platforms.
Sabir Ballim, head of investor services at Absa CIB, said the use of TCS BaNCS will help the investment banking platform “develop new products" for traders and investors on their portfolio.