South Africa's Strate expands deal with TCS

NEW DELHI: Country's largest software services firm Tata Consultancy Services (TCS) today said Strate (The Central Securities Depository for the electronic settlement of financial instruments in South Africa) will deploy its Market Infrastructure solution.

The solution, part of TCS BaNCS's equity and money market depository operations, will further expand the strategic relationship between the two.

Strate is also replacing its current bond system with TCS BaNCS Market Infrastructure, TCS said in a statement.

This new engagement will provide Strate with the ability to adopt multiple settlement models across asset classes, along with a flexible framework to cater for market-specific requirements designed to maximise settlement efficiency.

The solution will also provide comprehensive support for both nominee and beneficial ownership account structures.

"TCS custom built Strate's equities system in 1998, as well as our money markets technology again in 2009. This partnership 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," Strate CEO Monica Singer said.

As South Africa's Central Securities Depository (CSD), Strate is licensed to be the independent provider of post-trade products and services for the financial markets.

It provides electronic settlement for securities - including equity, bond and derivative products.