capital markets
Standard Chartered Bank
Indonesia
Deployment aligns SC Indonesia
with global TCS BaNCS-powered solution
of Standard Chartered
By Kamal Khurana, Principal Consultant, TCS Financial Solutions
In 2018, the Indonesian Financial Services Authority
ruled that all financial institutions, including custodians
and sub-custodians, would be required to host their IT
infrastructure within the country.
To comply with the new regulations, Standard
Chartered Bank Indonesia (SC Indonesia) not only
deployed new IT infrastructure, but also made the
strategic decision to switch onto the TCS BaNCS solution
used by Standard Chartered globally.
The relationship between TCS and Standard Chartered
goes back to 1994 with the deployment of TCS’ custody
solution for the bank’s Singapore business. In 2008,
Standard Chartered began to deploy TCS BaNCS for
Corporate Actions, and in 2010, the bank upgraded its
securities settlement systems to TCS BaNCS for Securities
Processing. Since then, the multi-entity TCS BaNCS
solution has been rolled out across 37 countries in Asia,
Africa and the Middle East. (For more details, see TCS
BaNCS Customer Newsletters #16 and #25.)
For SC Indonesia, the Financial Services Authority
of Indonesia (Otoritas Jasa Keuangan or OJK) ruling
accelerated the deployment timeline for aligning with
Standard Chartered’s global TCS BaNCS platform and
global operating model. With assistance from onshore
and offshore TCS resources collaborating using the Agile
methodology, SC Indonesia and TCS completed the
deployment, including alignment to local regulations, in
just nine months.
The TCS BaNCS solution went live in Q4 2019, making
Standard Chartered the first global custodian in Indonesia
to be compliant with OJK regulations. The solution also
enabled SC Indonesia to automate custody operations,
simplify broker business structures and standardize
processes, delivering improved customer experiences with
faster turnaround times.
Using Standard Chartered ’s world-class custodial
services, clients from Indonesia or from global investment
centers can better access the Indonesian capital markets
with near-real-time trade status information.
SC Indonesia was also the first custodian bank (and as of
April 2020, the only custodian bank) to establish a direct
interface to KSEI, Indonesia’s central securities depository.
Fabric: istockphoto
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