TCS to develop cloud-based post trade processing platform for Sernova Financial

21 Jun 2016


Tata Consultancy Services (TCS) has announced a partnership with Sernova Financial to deliver next generation cloud-based derivative post trade processing service on the Calypso platform.

Sernova Financial is an innovative provider of turn-key post-trade services and the partnership combines Sernova Financial's capital markets expertise, Calypso platform's capability and TCS'  bouquet of  capital markets solutions along with IT-operations synergies as well as business process as a service (BPaaS) models.

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 delivered by TCS.

''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,'' Venkat Ramasamy, executive chairman of Sernova Financial, 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," Susheel Vasudevan, vice president, Banking and Financial Services, TCS, said.

''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,'' Dinanath Kholkar, vice president and global head BPS, TCS added.

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

Sernova Financial is an innovative provider of turn-key post-trade services with a focus on clearing and extensions into back-office services such as collateral and integrated risk management. Sernova financial's solutions are designed and built by ex-prime service professionals of a top-tier global bank with specialisation on intermediation, clearing, collateral, and risk management. Their solution is delivered in partnership with TCS and Calypso Technology.

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