BRICS established New Development Bank deploys TCS BaNCS for treasury management.

Pic Courtesy - Russia Today

Global enterprise tech giant Tata Consultancy Services has announced that New Development Bank (NDB), a multilateral development finance institution set up by the BRICS nations and headquartered in Shanghai, has gone live with TCS BaNCS for Treasury.

New Development Bank is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014 with an initial authorized capital of USD 100 billion. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development. Since the launch of its operations, NDB approved projects in its member countries with loans aggregating over USD 5.1 billion. The Bank’s headquarters is located in Shanghai, China and is headed by renowned Indian banker KV Kamath.

NDB selected TCS BaNCS for its risk and treasury operations for the solution’s support for an impressive array of asset classes, and advanced features such as real-time position keeping, risk analytics, and a single product configurator that supports complex debt structures for their issuance programs. The cloud-based offering of TCS BaNCS reduces the time taken for customer on-boarding to a fraction of what it takes in conventional on-premise implementations, as the need to procure and invest in internal infrastructure is eliminated, along with the complexities involved in replacements.

The go-live at NDB, which was achieved in 12 weeks, deployed TCS’ market-proven methodology for cloud on-boarding that leverages enabler toolkits for all project activities – from solution configuration and alignment, to migration, training and testing. TCS also demonstrated its capability with ISO/IEC 27001:2013 cloud services with this deployment, enabling responsive and resilient operations for the bank. TCS BaNCS will now support all market operations linked to NDB’s investment and liability portfolio consisting of global bond issuances, including managing inherent risks.

“Technological change will continue to transform the economic landscape and open new opportunities for citizens of BRICS nations. 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. TCS BaNCS was selected not only for its extensive product capabilities but also for its compelling and relevant implementation footprint across the globe.” - Leslie Maasdorp, Vice-President & Chief Financial Officer, NDB.

TCS BaNCS for Treasury is an integrated, cross-asset-class solution for 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. It is a multi-entity, multi-currency trading, risk management, processing, settlements and accounting solution that drives innovation, agility and efficiency in markets worldwide.

Source - Press Release.