TCS rolls out BaNCS Securities Processing at Orbay

AMSTERDAM: TCS Financial Solutions, the business unit of Tata Consultancy Services, has announced that TCS BαNCS Securities Processing has gone live at the Securities Processing Center (SPC) set up by Orbay, a joint venture formed in 2005 between Netherlands-based Rabobank and Belgium’s KBC bank.

The solution developed by TCS Financial Solutions allows Orbay to offer advanced and cost-efficient back-office and IT services, TCS said in a statement.

The roll-out fulfills Orbay’s vision to develop a common cross border platform for the settlement of securities transactions for the Euronext market and other international markets.

Floris Henning, managing director Orbay, said, “The SPC is a very strategic and high-profile venture for us in terms of quickly providing cost-effective best-in-class customer service. Hence it was imperative for us to partner with an organization that not only has a long-standing record in mission critical technology implementations, but also understands our business needs for increasing productivity and reducing operating costs. In that regard, the alliance with TCS Financial Solutions has meant guaranteed optimization of back-office functions, thus allowing us to achieve targeted revenue growth.”

Orbay’s SPC offers a sophisticated infrastructure for processing securities for Rabobank as well as a white label solution to support other banking institutions. Luxembourg based private bank Sarasin and Dutch based Schretlen are among the first commercial customers of Orbay to initiate securities transactions.

NG Subramaniam, president, TCS Financial Solutions, said, “The roll-out of TCS BαNCS Securities Processing at Orbay is a significant milestone in our efforts to deliver advanced direct market enabled solutions for cross-border exchange groups such as Euronext.”