In this interview, Yves Doucet, Managing Director and Head of Clearing & Custody Services, Americas, BNP Paribas and Walt Palmer, Director, U.S. Custody Operations, BNP Paribas offer insights about partnering with TCS BaNCS and growth plans in the Americas.
Yves Doucet, Managing Director and Head of Clearing & Custody Services, Americas, BNP Paribas, said, “We have been a client of TCS for more than 10 years and a true partner in building tools that bring greater efficiencies to our clients. We use TCS BaNCS for many facets of securities services, such as trade processing, clearing and settlement, corporate actions processing, income processing, physical safekeeping, position & collateral management and cash processing.”
Walter Palm, Head of Operations, Custody, BNP Paribas Securities Services said, “The U.S. is a significant and strategic market for our continued growth. It is very important for us to participate in this securities market and using a using a flexible and robust platform helps us to do that well. The launch of our custody operations in the U.S. means that BNP Paribas Securities Services is now a local custodian for more than 80 percent of our clients’ domestic asset base”.
Yves said, “We needed to develop full connectivity with the U.S. securities depository, The Depository Trust & Clearing Corporation. We partnered with the TCS teams in the U.S. and in India to develop the numerous interfaces required for our business, starting from scratch.”
Walter said, “Initially, we developed custody and clearing services in the Americas in response to client demand, where the strategy at the time was to accompany them in their expansion efforts. Then we discovered that the U.S. market was ready for an alternate provider. So, we started the local custody activity for internal clients. We are now quickly expanding our services with direct clients from Europe and the U.S. for both local and global custody”.
Yves said, “One of the most notable aspects of working with TCS team is the way they quickly respond to critical issues and challenges. They raise the appropriate resources and tenacity and work with us closely to resolve these issues quickly and efficiently.”