TCS : Awake and Hungry

DTCC Partners with TCS to Revamp its Financial Processing Systems

The US Depository Trust & Clearing Corporation (DTCC) has partnered with TCS, an Indian IT consultancy and services firm, to transform its securities underwriting and corporate actions processing systems for the US financial services industry.

Currently, there are 60 separate underwriting and corporate actions legacy systems followed by DTCC. The partnership aims to integrate all the systems on one platform to streamline processing, improve efficiency, reduce costs and induce flexibility.

The revamp program will be conducted in several phases. Preliminary testing phase for the underwriting component is scheduled for the end of 2006. The corporate action component is planned for launch in 2009. The new platform will uphold ISO 15022 messaging formats. In 2004, DTCC processed underwriting distributions worth USD 3.1 trillion in and corporate actions worth USD 2.3 trillion.