Contact us on 0700 CALL CSCS (0700 2255 2727) or [email protected]

CSCS increases automation, efficiencies with TCS BaNCS, a post trade service solution

CSCS increases automation, efficiencies with TCS BaNCS, a post trade service solution

The Central Securities Clearing System (CSCS) Plc recently announced in Lagos it would increase automation and improve efficiencies in the Nigerian capital market with the deployment of TCS BaNCS, a world class multi-asset class solution for securities depository, clearing and settlement. The solution replaced the NASDAQ Equator which has been in use since inception of the company in 1997.

The solution change is core to the company’s business transformation initiatives which aim at improving efficiency in depository, clearing and settlement services.

“This is a significant milestone for us and a demonstration of our commitment to bring excellent customer service delivery and efficiency to the Nigerian Capital Market,” said Mr. Bola Adeeko, the Interim Chief Executive Officer of CSCS.

Speaking further, Mr. Adeeko said “we are proud of this achievement and confident that the new solution will be beneficial to the teeming market participants in particular and the Nigerian Capital Market in general,” while urging them to take advantage of the enormous opportunities the new platform offers.

While listing some of the opportunities available on the platform, Mr. Adeeko said that TCS BaNCS, as a market infrastructure, will drive Straight-Through Processing (STP) by providing the unique ability to support multiple markets and asset classes on the same platform. It will also support various types of account ownership structures such as Segregated Depository Account, Nominee/Special Purpose Vehicle Accounts and Custodian Accounts.

According to him, “this initiative aligns very closely with one of our strategic objectives, which is to improve efficiency in our depository, clearing and settlement services – ultimately, we believe our customers and stakeholders at large will enjoy improved service delivery.”

He commended the market participants for their cooperation and support towards ensuring that the transition was a smooth one. “Let me appreciate my colleagues too for demonstrating excellent team spirit and perseverance while the project lasted. This would not have been possible without them,” Mr. Adeeko said.

TCS BaNCS is developed and supported by TATA Consultancy Services (TCS), an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match.

Share This Post

Related Posts

Press Release

CSCS advocates FinTech innovation for inclusive capital market

Lagos, Nigeria – November 14, 2023 — Central Securities Clearing System (CSCS) Plc, the leading Central Securities Depository (CSD) in Nigeria, took centre stage at the recently concluded Institute of Capital Market Registrars (ICMR) annual conference, themed “Navigating Nigeria’s Economic Realities: The Transformative Power of Technology in the Capital Market.” The event, which took place at Lagos Oriental Hotel, served

Press Release

CSCS receives prestigious Digital Transformation and Cybersecurity Advocate of The Year Award

Lagos, Nigeria – October 30, 2023 — Central Securities Clearing System (CSCS) Plc, Nigeria’s leading central securities depository, proudly announces the receipt of the highly coveted “Digital Transformation and Cybersecurity Advocate of the Year Award” at the just concluded BusinessDay’s Banks and Other Financial Institution’s Awards (BAFI) 2023 ceremony. The event took place at the Lagos Continental Hotel on Saturday.

Disclaimer

Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.

Disclaimer

Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.

Disclaimer

Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.

Disclaimer

Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.

Disclaimer

Online Portfolio Management View is a service aimed at providing investors with access to view their respective stock portfolio in addition to services provided by intermediary stockbrokerage firms. We ask that you ensure that all devices used to access the Service are adequately protected from malware and viruses. You must also take care to secure and maintain the confidentiality of your password and log-in information. CSCS shall not bear any responsibility and or be liable for any unauthorized access to your information on the Application using your log-in details.