June 20, 2016

TCS and Sernova Financial in strategic partnership

Signs agreement to deliver an innovative cloud-based post-trade processing platform

London/Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, today announced a partnership to deliver next-generation, cloud-based, derivative post-trade processing service on the Calypso platform to Sernova Financial, an innovative provider of turn-key post-trade services.

The partnership combines Sernova Financial’s capital markets expertise, Calypso platform’s capability and TCS’s bouquet of capital markets solutions along with IT operations synergies as well as business process as a service models.

Commenting on the partnership, Venkat Ramasamy, executive chairman, Sernova Financial, said, “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.”

Sernova Financial’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 (BPS delivered by TCS.

Susheel Vasudevan, vice president, banking and financial services, TCS, said, "Current regulations require banks to make heavy capital outlays while they are under tremendous pressure to keep cost-income ratios minimum. 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."

Dinanath Kholkar, vice president and global head BPS, TCS, 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. Industry utilities are increasingly preferred by firms trying to reduce TCO and get the best of people, process and technology. The combined synergies of TCS and Sernova will enable us to deliver best-in-class solutions to our clients.”

TCS will provide 24/5 service delivery support and take Sernova’s new and innovative approach to financial market infrastructure. The partnership will provide the following benefits to the customers:

  • Increased speed to market.
  • Movement from capital to operating expenditure.
  • Enable regulatory compliance.
  • Access to global and regional CCPs.
  • Best-in-class business process delivered by TCS BPS.