BNP Paribas Securities Services has migrated its local custody operations onto TCS BaNCS platform from Indian IT services provider Tata Consultancy Services (TCS).
TCS claimed that its platform has demonstrated increased operational efficiency and standardization of processes at BNP Paribas Securities Services. In addition, there was a reduction in operational risk and maintenance costs.
The solution also provides support for global and Euronext Market operations.
Alain Pochet , head of banking services at BNP Paribas Securities Services, said: “In a complex and high risk environment like custody management, optimum efficiency and low risk are keys for success. Partnering with TCS Financial Solutions allowed us to completely focus on the complex marketplace and leave the integration issues to them. We now operate on a faster, leaner infrastructure that allows us to run our business with agility.”
Ganapathy Subramanian, president of TCS Financial Solutions, said: We are delighted to serve the growing needs of BNP Paribas, as they march forward pursuing their vision of becoming a highly customer centric organization. Our global track record of enabling multiple custodian banks around the world was showcased again at BNP Paribas.”