TCS teams up with Sernova Financial for cloud-based services

The partnership aims to deliver cloud-based derivative post trade processing service to enable banks to maintain compliance with global regulatory environment while reducing risk.

India’s largest software exporter TCS today formed a strategic partnership with Sernova Financial to deliver its next generation cloud-based derivative post trade processing service to enable banks to effectively maintain compliance with the changing global regulatory environment while reducing risk. The new tie-up combines Sernova’s capital markets expertise, Calypso platform’s capability and Tata Consultancy Services’ (TCS) bouquet of capital markets solutions along with IT-Operations synergies as well as Business Process as a Service (BPaaS) models.

“The Sernova and TCS partnership will enable regional banks and institutional investment managers to efficiently and effectively maintain compliance with the changing global regulatory environment while significantly reducing risk,” said Venkat Ramasamy, Executive Chairman Sernova Financial, an innovative provider of turn-key post-trade services.

Sernova’s cloud-based clearing service re-creates the shared infrastructure and service elements of traditional clearing brokers and counterparties, providing clients with reduced risk, lower costs, capital efficiency and increased flexibility than with traditional in-house or third party solutions. The services are delivered by Sernova on the Calypso platform with Business Process Services delivered by TCS.

ALSO READ: Desktops, laptops still popular mode of accessing internet: TCS

“Current regulations require banks to make heavy capital outlays while they are under tremendous pressure to keep cost-income ratios minimum,” said Susheel Vasudevan, Vice President, Banking and Financial Services TCS.

Vasudevan said banks will need to reinvent their operating model to strike the right balance between cost, compliance and risk. “In this context, we believe this will be a game changer going forward and are excited to be part of this journey with Sernova,” Vasudevan added.

“We are delighted to be the official Services Partner for Sernova Financial. Sernova Financial’s path breaking post trade utility will benefit firms by providing assured services in a fast changing regulatory and business landscape,” said Dinanath Kholkar, Vice President & Global Head BPS, TCS. The partnership will provide the customers benefits such as increased speed to market, movement from capital to operating expenditure, Enable regulatory compliance and access to global and regional Critical Control Points (CCPs).

Published:Tue, June 21, 2016 6:50pm | Updated:Tue, June 21, 2016 7:10pm



More From News

NewsNet neutrality, Apple iMac Pro India price, Xiaomi Mi A1 Special Edition launch and more: Daily news wrap
NewsMicromax Bolt Q3001 with 4GB of RAM listed on company's official website
NewsMotorola likely to launch new Moto Mods in India today
NewsApple iMac Pro will soon be available in India at a starting price of Rs 415,000
NewsThis is how Google AI helped NASA discover two exoplanets

More From Bgr

OpinionsWell done India, you’re now an inspiration for net neutrality in the US
FeaturesHere's why OnePlus has launched multiple devices this year
ReviewHonor Holly 4 Review: Basic competence
FeaturesBest of 2017: India witnessed unprecedented adaption of 4G and affordable mobile internet plans
TrendingCash Me Outside to United Airlines Memes: Here are the top searched memes on Google in 2017

Explore more