Strate to Consolidate Three Systems Into One from TCS BaNCS

Strate, the central securities depository (CSD) of South Africa, has selected the Market Infrastructure solution from TCS BaNCS for the CSD's equity and money market depository operations.
By Jake Safane(2147484770)
Strate, the central securities depository (CSD) of South Africa, has selected the Market Infrastructure solution from TCS BaNCS for the CSD’s equity and money market depository operations.

The selection extends the two firm’s relationship, as Strate is also replacing its current bond system with TCS BaNCS Market Infrastructure, so the system will be used for all three functions (equity, bond and money market).The CSD has also used the firm extensively in the past, as TCS custom-built Strate’s equities system in 1998 and its money markets technology in 2009.

In using the Market Infrastructure solution, Strate will be able to adopt multiple settlement models across asset classes, and the solution has a flexible framework that can meet market-specific requirements, aiming to maximize settlement efficiency. Plus, in line with global trends, TCS BaNCS’ offering provides support for both nominee and beneficial ownership account structures.

Monica Singer, CEO of Strate, explains that choosing TCS BaNCS for Market Infrastructure “will help us expand and grow our services with an even faster time to market in the future and enable us to explore other products and services that are being provided in other countries that are using the same technology. It will also introduce greater benefits to our market, where they can enjoy a streamlined service across all asset classes, as three systems will be consolidated into one. The benefit thereof is that fewer systems will need to be supported and CSD Participants will have fewer interfaces to maintain.”

“TCS has played a key role in the evolution of the settlement infrastructure and STP processes in the South African market, with Strate at its pivot. This new engagement enables us to provide a single solution across all asset classes handled by Strate, thereby increasing agility, ability to handle more products and reducing the total cost of ownership,” adds R. Vivekanand, vice president, TCS Financial Solutions.

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