IT major Tata Consultancy Services today announced an ASP (application service provider) initiative with Strate, the licensed Central Securities Depository (CSD) in South Africa.
This joint venture with TCS, for the TCS BaNCS Securities Processing solution, will provide best-in-class and leading-edge technology to mid-tier players in the South African market, a press release issued here stated.
TCS Financial Solutions' President N Ganapathy Subramaniam, said, "TCS has been a key player in the South African market for over a decade. We are very proud of our work for Strate and for the significant majority of the CSD participants in the South African market. We are now leveraging our relationship and the experience we have of the South African market to provide a unique cloud offering for the mid-tier custodians in the market."
Talking about the joint venture, Strate Ltd's CEO Monica Singer said: "Strate is keen to offer this unique low total cost of ownership (TCO) offering, which will make it possible for more players to participate in the South African market, thereby widening the investor base. We have had a long association with TCS, who have also been the leading custody solution provider in South Africa."
Strate is the licensed Central Securities Depository (CSD) for electronic settlement of financial instruments in South Africa.
It handles the settlement of a number of securities, including equities and bonds for the Johannesburg Stock Exchange (JSE), as well as a range of derivative products such as warrants, Exchange Traded Funds (ETFs), retail notes and tracker funds. It has now added the settlement of money market securities to its portfolio of services.