Strate has selected TCS BaNCS for its equity and money market depository operations, further expanding the strategic relationship it has with TCS. Strate is also replacing its current bond system with TCS BaNCS for Market Infrastructure.
Boosting Strate’s leadership status in the market, this engagement reinforces the long-standing relationship that TCS has had with Strate as a trusted IT solutions partner. This solution will provide Strate with the ability to adopt multiple settlement models across asset classes, along with a flexible framework to cater for market-specific requirements designed to maximise settlement efficiency. In line with global trends, the solution will also provide comprehensive support for both nominee and beneficial ownership account structures.
Monica Singer, CEO of Strate, said that she has always maintained that Strate’s success has been built on collaboration and key strategic partnerships. “Since its inception over 15 years ago, Strate has been able to create one of the most advanced and highly rated CSDs in the world by partnering with global market experts, such as TCS. TCS custom-built Strate’s equities system in 1998, as well as our money markets technology again in 2009. This partnership has now moved to the next level with the selection of the TCS BaNCS for Market Infrastructure, which will help us expand and grow our services with an even faster time to market in the future and enable us to explore other products and services that are being provided in other countries that are using the same technology. It will also introduce greater benefits to our market, where they can enjoy a streamlined service across all asset classes, as three systems will be consolidated into one. The benefit thereof is that fewer systems will need to be supported and CSD Participants will have fewer interfaces to maintain.”
R. Vivekanand, Vice President of TCS Financial Solutions, said, “TCS has played a key role in the evolution of the settlement infrastructure and STP processes in the South African market, with Strate at its pivot. This new engagement enables us to provide a single solution across all asset classes handled by Strate, thereby increasing agility, ability to handle more products and reducing the total cost of ownership. We value our strong relationship with Strate, and look forward to helping Strate enhance its leadership position among the CSDs in the world.”
N. Ganapathy Subramaniam, President of TCS Financial Solutions, said, “TCS has been a key player in the South African market for more than a decade now. We are very proud of our work for Strate and the significant majority of the CSD Participants in the South African market, who use our market-leading TCS BaNCS platform. The selection of TCS BaNCS at Strate further upholds our commitment to the market in alignment with the strategic direction of our customers.”