Tata Consultancy Services has implemented its TCS BaNCS for Corporate Actions at Colonial First State, in a move Colonial says has increased its productivity and operational efficiency and reduced risks for its corporate actions processing.
Colonial First State is the platform provider for Commonwealth Bank of Australia, and provides investment, superannuation and retirement products to individuals and corporate and superannuation fund investors.
Tata Consultancy Services (TCS) says the financial organisation’s objective was to improve efficiencies, streamline and de-risk corporate actions processing at the bank.
The bank was also looking for a scalable solution that would unify and support the entire corporate actions value chain, with special emphasis on scrubbing, process management, record keeping, downstream processing and integration with external parties including custodians and fund managers.
Brad Massey, Colonial First State general manager of fund services, says TCS BaNCS for Corporate Actions was selected because of its comprehensive functionality and established track record of successful deployments.
“TCS BaNCS has helped automate 90% of end-to-end processing for mandatory events and 75% for voluntary events,” Massey says.
“With our processes and infrastructure now demonstrating increased flexibility, our bank has definitely become more agile.”
TCS was recently rated ‘the world’s most powerful brand in IT services’ by Brand Finance.