CSCS lifts automation, efficiency with TCS BaNCS
*As Jalo Waziri, new CSCS boss assumes duty
The Central Securities Clearing System (CSCS) Plc has given indication that it would increase automation and improve efficiencies in the Nigerian capital market with the deployment of TCS BaNCS.
The TCS BaNCS solution is a world- class multi-asset solution for securities depository, clearing and settlement; and has replaced the NASDAQ Equator, deployed by the CSCS since inception in 1997.
This was coming as the Nigerian securities depository’s new Chief Executive Officer, Mr. Jalo Hurana Waziri, is billed to assume office in his new capacity on Wednesday,1st November , 2017.
Meanwhile, the CSS said in a statement that .the new automation and efficiency driver is core to the company’s business transformation initiatives, which aimed at improving efficiency in depository, clearing and settlement services.
The Interim Chief Executive Officer of CSCS, Mr. Bola Adeeko, said, “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.”
Adeeko, expressing confidence on the new technology, 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.
He added that the 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.” 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.
Meanwhile, pursuant to the Securities and Exchange Commission’s (SEC’s) “No Objection”, the Board of Directors of the Central Securities Clearing System (CSCS) Plc has announced the appointment of Mr. Haruna Jalo-Waziri as the Managing Director/Chief Executive Officer of the company effective November 1, 2017.
Jalo-Waziri replaces Bola Adeeko, who was appointed Interim Chief Executive Officer effective 1 January, 2017, whilst the Board embarked on an executive search for a substantive CEO, following the early retirement of the company erstwhile CEO, Mr. Kyari Bukar.
Stories by Bonny Amadi
