India’s largest software services exporter Tata Consultancy Services Ltd (TCS) on Monday, September 25, announced that it has expanded its partnership with Africa’s largest custodian Standard Bank Group (SBG).

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In a filing to the stock exchanges, TCS said that SBG would centralise and standardise its custody and securities settlement operations in over 15 markets with the TCS BaNCS Global Securities Processing Platform.

The platform has already been deployed in seven markets, including in South Africa, and the others will be implemented by March 2024.

TCS said the new integrated custody platform will enable SBG to accelerate the pace of innovation and offer its customers consistent, reliable, efficient, and high-performance services.

“TCS BaNCS’ rich set of APIs (application programming interface) and its modern technology architecture will help the bank connect to the wider financial services ecosystem, allowing it to offer customers new, personalized digital products and services,” the company said in a press release on Monday.

SBG operates the largest custody network in sub-Saharan Africa with $635 billion in assets under custody and administration.

The bank will upgrade its existing platform and leverage next-generation technologies to further streamline its custody and settlement processes. SBG amims to build greater resilience in its operations by having all its critical business operations running in the cloud by 2026, TCS said.

Commenting on the partnership with TCS, Rajesh Ramsundhar, Head, Investor Services, Standard Bank, said, “Standard Bank is dedicated to transforming the technology landscape in its investor services business. We selected the TCS BaNCS Global Securities Platform to transform our custody and settlement operations with the objectives of offering a unified, consistent, and reliable experience to our customers.”

Shares of TCS were trading down around 0.8 percent at Rs 3,572.50 apiece on BSE at 12 PM. The stock has risen over 19 percent in the past one year compared with an over 15 percent gain in the benchmark Sensex during the same period. Shares of TCS have gained more than 11 percent in the past three months.