Strate is pleased to announce that as of Monday 15 February 2016, its new system for the settlement of money markets securities is fully operational. The new system, which utilises the Market Infrastructure solution from the TCS BaNCS product suite by Tata Consultancy Services (TCS), was selected for being a world-class CSD solution for the electronic settlement of securities.

The implementation of money markets is the first project to be launched using the TCS BaNCS product suite and forms part of a wider programme where Strate will replace its IT infrastructure for all asset classes. The Bonds and Equities asset classes will be switched over at later stages using a phased approach.

The new TCS BaNCS infrastructure offers the market a streamlined service, as multiple systems are consolidated into one. With the new system, Strate will also be in a position to offer more innovative products to the market in a much shorter time. 

In addition, workforce productivity is expected to improve, as there is reduced need for users to learn and work on multiple applications.

Commenting on the implementation of TCS BaNCS, Monica Singer, CEO of Strate, said: “Strate is committed to continuous innovation and to bringing efficiencies and world-class IT infrastructure to the financial markets in South Africa. We are proud to have launched the first phase successfully and look forward to bringing the other asset classes onto the system in the near future.”