AT A GLANCE
Company : Standard Chartered Bank Headquarters : London
Business Challenge : To create a set of comprehensive APIs to further the bank ’ s innovation agenda .
Solution : Unified TCS BaNCS deployment for Custody and Corporate Actions
The bank ’ s dedicated commitment to customer service was demonstrated during the migration of corporate actions onto the combined platform . Since corporate actions can be highly variable and hard to predict , a small number of unexpected scenarios were uncovered . In response , SC and TCS worked in collaboration to deploy quick solutions to ensure there was no client impact .
“ Throughout the project , TCS demonstrated great partnership , industry experience and commitment to deliver an integrated platform for SC ,” said Khan .
Single Platform
The open banking API capabilities of TCS BaNCS now enable SC to take full advantage of real-time data that draws upon the combined data model across corporate actions and securities processing . “ With the integrated TCS BaNCS ecosystem , we have simplified the data domain , reduced the number of system integration points , and eliminated the need to wait for interfaces or perform reconciliations between securities processing and corporate actions ,” says Khan . “ This results in a superior client experience with quicker turnaround time and fewer errors .”
As SC nears completion of the project , the APIs will be integrated into the bank ’ s set of client-facing APIs (“ aXess ”). This integration will enable clients to access their corporate actions data from their own applications in near-real-time , which will enable higher levels of automation and improved decision making .
“ As markets move to the new integrated platform , our data analytics and open banking APIs can be extended to clients who have needs in those markets ,” says Khan .
The project also marks a major milestone in the bank ’ s “ cloud first ” journey by bringing TCS BaNCS securities and corporate actions implementations together into one up-to-date architecture which is the springboard to kickstart migrations to the cloud . “ Bringing two TCS BaNCS solutions onto one consolidated platform reduces our maintenance load , enabling us to pivot our efforts towards more innovation ,” says Khan . “ With TCS BaNCS , we can continue to evolve our architecture , data capabilities , innovation ecosystem and client service .”
“ Our strategic advantage comes from being able to offer the same experience and capabilities across 37 diverse markets with a strong , stable and scalable core ,” says Khan . “ Additionally , bringing all the core data to one place unlocks endless potential for our innovation agenda where data is key .”
The partnership with TCS has been further strengthened by the implementation . “ We gain significant advantages from the functional capabilities and business coverage of TCS BaNCS , with its support for ISO 20022 , market readiness , evolving cloud native capabilities , and implementations around the globe ,” says Khan . “ We appreciate the support from the management and effort put in by project teams in this massive migration of 37 markets , and we are looking forward to the continued support for rest of the migration and our ongoing partnership in this journey .” l
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