Strate (The Licensed Central Securities Depository for electronic settlement of Financial Instruments in South Africa) is to replace its current bond market system UNEXcor with the Market Infrastructure solution from the TCS BaNCS product suite.
The solution will provide Strate with the ability to adopt multiple BIS settlement models along with a flexible framework to cater to market-specific requirements designed to maximize settlement efficiency.
In line with global trends, the solution provides comprehensive support for both nominee and beneficiary accounts, thereby providing Strate with the ability to smoothly transition to an SOR (Securities Ownership Register) market model.
As part of the implementation, the interfaces for the Bond Market System will also be refreshed with ISO standard messages.
Monica Singer (pictured), chief executive, Strate, says: “This choice was a natural outcome of a long partnership with TCS, as they have demonstrated deep understanding of our business over the years and delivered with certainty. Their product fits into our landscape and future strategy. We aim to raise the efficiency bar, post this deployment for Fixed Income Depository Operations.”
N Ganapathy Subramaniam, president, TCS Financial Solutions, says: “TCS has played a strong role in the evolution of the settlement infrastructure in the South African market since the inception of Strate and in making it world class. The selection of TCS BaNCS at Strate further vindicates our commitment to the market and to our solution being best in class, in alignment with the strategic direction of our key customers. We look forward to taking our strong relationship with Strate to the next level in value delivery with this programme.”