TCS BaNCS for Corporate Actions enabled a large South American Bank to streamline corporate actions processing, and automate the sending of MT56x messages to customers, thereby aligning itself with market standards, enabling STP.
One of the largest private banks in South America, the bank has 4,600 branches and 50,000 Large Express units – a correspondent banking system that works in partnership with retail units.
The bank wanted to automate its corporate actions management systems so that it could focus on servicing its customers. Also they wanted to remove the risks associated with manual operations and enable early error identification to minimize financial losses.
TCS BaNCS for Corporate Actions delivered a solution that reduced time-to-market, minimized risks emerging from manual errors, and accelerated process effectiveness.
The bank achieved the following business benefits:
- Mitigated risks associated with manual corporate actions processes
- Fewer manual errors, financial loss for voluntary events has been minimized
- Streamlined work allocations and optimized resource use, resulting in 25% reduction in full time equivalents
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