The size and tenure of the deal was not made public. SBG operates the largest custody network in sub-Saharan Africa with $635 billion in assets under custody and administration. The bank sought to upgrade its existing platform and leverage emerging technologies to further streamline its custody and settlement processes and have all its critical business operations running in the cloud by 2026, according to an exchange filing.
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To plan and execute this technology transformation, SBG turned to TCS, its strategic partner of 25 years, the release said.
TCS BaNCS global securities platform to enable real-time settlement, reporting and high-performance services. The platform is a cloud-based solution, certified by SWIFT, that helps both buy-side and sell-side firms implement error-proof and scalable processes for trade processing, clearing and settlement, custody, portfolio accounting and corporate actions administration.
TCS BaNCS’ set of APIs and its modern technology architecture will help the bank connect to the wider financial services ecosystem, allowing it to offer customers personalised digital products and services, the release added.
The platform has been deployed in seven markets including in South Africa, the others will be implemented by March 2024.
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“Standard Bank is dedicated to transforming the technology landscape in its investor services business, with the objective of having all our critical business operations running in the cloud by 2026. We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations with the objectives of offering a unified, consistent, and reliable experience to our customers,” said Rajesh Ramsundhar, head of investor services at Standard Bank.