South Africa’s Absa Corporate and Investment Bank (CIB) has appointed the Indian IT giant, Tata Consultancy Services (TCS) to digitally transform its investment banking services. TCS will offer its ‘BaNCS’ platform to enable on-cloud trading and investment services for Absa CIB’s clients. TCS will power Absa CIB’s front- and mid-end operational services, which include trade management, clearing and settlement of trades, and other “operational and administrative” services for asset managers, stockbrokers, and other users of Absa’s service.
Investment banking operators have been increasingly using cloud services to migrate their businesses to digital platforms. Global financial service operators that use its cloud services include Germany’s Allianz, UK’s Barclays Group, USA’s Stripe, and others. Technology service providers such as TCS’s BaNCS use AWS to build financial services atop the cloud platform, which is subsequently offered to clients such as Absa CIB to migrate their services to digital platforms.