TCS BáNCS Securities Processing goes live at Orbay

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TCS BáNCS Securities Processing goes live at Orbay

TCS BáNCS Securities Processing goes live at Orbay

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TCS Financial Solutions , the strategic business unit of Tata Consultancy Services dedicated to banking, insurance and capital markets, today announced that TCS BaNCS 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.

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. TCS BaNCS Securities Processing was chosen for its flexibility, scalability and capacity to integrate with the banks' numerous systems.

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.

 Floris Henning, Managing Director Orbay, commented, "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."

Mr. N. G. Subramaniam, President, TCS Financial Solutions said, "The roll-out of TCS BaNCS 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. In an environment characterized by rapid change and lower margins, banks need to put innovation at the center of their customer strategies to stay competitive. The SPC set up by Orbay is one such initiative and we are pleased to have partnered to maximize efficiencies and minimize risks in processing Orbay's securities transactions".