TCS Financial Solutions, a business unit of Tata Consultancy Services, has announced that Maroclear, the central securities depository in Morocco, has selected TCS BaNCS Market Infrastructure to modernize its legacy systems, automate processing and enhance employee productivity.
TCS BaNCS Market Infrastructure provides a centralized platform for central depository, exchange clearing, registrar and transfer agent services that supports multiple asset classes and access channels. TCS BaNCS Market Infrastructure complies with global standards such as ISIN, ISO 15022, G30, and XML to improved risk management practices, and total compliance with legal and regulatory environments and improved governance. As a result, the business application assists to create a more paperless environment, and facilitates faster straight-through processing, said TCS Financial Solutions.
Fathia Bennis, CEO of Maroclear, said: With TCS BaNCS Market Infrastructure, we will be deploying a depository solution that will enable us to serve our customers better and strengthen the overall clearing and settlement market in Morocco. A modern technology backbone enables a more agile enterprise as we address the challenges of the marketplace in this region.
Ganapathy Subramaniam, president of TCS Financial Solutions, said: This software modernization will assist Maroclear to reduce risk and enhance confidence in Morocco’s securities market. Such a technology transformation will drive new product development opportunities and set new benchmarks in Morocco’s growing economy.