Single data model enables APIs combining Securities Processing and Corporate Actions
FAST FACTS
Standard Chartered Bank has committed to an ambitious innovation agenda that aims to drive efficiency in endto-end processing . Business models in global financial services are driven by regulatory changes , market news , and technology advancements , and Standard Chartered ’ s innovation agenda will enable the bank to continue exceeding customer expectations .
At the center of the innovation agenda are technology enhancements in data management and cloud architecture , which are delivered to customers and partners through APIs . “ APIs facilitate interconnectivity with clients across sectors , which offers a differentiating competitive advantage given our bank ’ s diverse footprint ,” says Tayyab Khan , Head of Custody Technology , Standard Chartered Bank .
As a precursor to creating a set of comprehensive APIs , SC needed to unify separate TCS BaNCS deployments for Custody and Corporate Actions . The longstanding strategic partnership between Standard Chartered Bank ( SC ) and TCS goes back to 1994 with the deployment of a custom TCS custody solution for SC ’ s Singapore business . That solution is now part of the TCS BaNCS for Global Securities
Standard Chartered Bank offers banking services that help people and companies prosper across Asia , Africa , Europe , the Americas , and the Middle East .
The bank is present in 59 markets and serves clients in a further 85 .
Platform . In 2008 , the bank also deployed TCS BaNCS for Corporate Actions , which operates a single platform to service 37 markets in Asia , Africa , and the Middle East .
Having been deployed at different times , the two solutions had been running on separate infrastructures with distinct databases , data models , and external interfaces . This led to duplication of data in positions , accounts , reference data , market data , controls , and other domains .
Consolidating the transaction processing systems promised immediate benefits in terms of an improved client experience and expanded potential for future innovation . “ A single solution enables a standard and consistent product offering in all our footprint markets , and the common architecture delivers synergies in terms of message flow , client experience , and maintenance efficiency ,” says Khan .
The implementation was conducted by a multifaceted team consisting of SC product experts , system integrators , business analysts , test engineers and operations partners , working together with the TCS BaNCS team . A joint governance model ensured consistent communications , alignment of project priorities , and efficient development . “ We adjusted course along the way as we worked out ways to speed up migration activities ,” says Khan .
The resulting collaborative interactions have been beneficial for both organizations . “ We have learned about the product features and capabilities of TCS BaNCS , and the TCS teams have enhanced their
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