In September last year, Strate had announced that it had selected the TCS BaNCS Market Infrastructure (BaNCS MI) solution to replace its money market, bond and equity depository operations.
Development and testing for money markets is underway, with the implementation scheduled for the third quarter of 2015. Strate will then turn to the replacement of its current bonds and equities applications onto the new infrastructure. The new BaNCS infrastructure offers the market a streamlined service across all asset classes, as the three systems are consolidated into one. The benefit thereof is that fewer systems will need to be supported and CSD Participants will have fewer interfaces to maintain.
In addition, workforce productivity is expected to improve, as there is less need for users to learn and work in as many different applications as they currently do. This was in line with its strategy of acquiring technology that will introduce further operational efficiencies to South Africa’s financial market.