New Development Bank goes live with TCS Bancs for Treasury
New Development Bank (NDB), a Shanghai-based multilateral development finance institution set up by the BRICS nations, has gone live with TCS Bancs for Treasury by Tata Consultancy Services (TCS).
Shanghai, home of New Development Bank
NDB selected TCS Bancs for its risk and treasury operations, and for the solution’s range of asset classes, and features such as real-time position keeping, risk analytics, and a single product configurator to support debt structures for its issuance programmes.
TCS Bancs offers a ISO/IEC 27001:2013 cloud-based system. “Rapid deployment of technology solutions enabled by the cloud is the mantra that businesses globally are adopting to ensure quick ROI,” comments Venkateshwaran Srinivasan, head of TCS Financial Solutions.
“Technological change will continue to transform the economic landscape and open new opportunities for citizens of BRICS nations,” says Leslie Maasdorp, vice-president and chief financial officer, NDB.
“For a bank to develop conventional infrastructure as well as to take maximum advantage of transformative technological developments as they happen at high speed and large scale, a flexible and digital backbone is essential,” he states.
The go-live was achieved in 12 weeks, and TCS Bancs will now support all market operations linked to NDB’s investment and liability portfolio consisting of global bond issuance, including managing inherent risks.
TCS says its TCS Bancs for Treasury covers front, middle, and back-office operations in treasury and trade, encompassing cash and derivatives on foreign exchanges, money markets, fixed income, equities and hybrid structures.
In other TCS news, Bahrain National Holding (BNH) recently selected TCS Bancs for Insurance.
