Top-Ranking Sub-Custodian Banks in Africa (Predictions for 2025)
Standard Bank, a leading financial institution operating on the African continent, has announced several significant updates aimed at simplifying and enhancing operational efficiency. The bank's growth initiatives include providing clients with access to real-time data and an offering that requires only one legal agreement and operational contract to serve all markets.
One of the key aspects of these initiatives is the bank's securities lending service, which is part of its strategic growth plans. However, it's worth noting that this service is not mentioned in relation to the TCS BaNCS global custody platform or its integration with IS Online, Swift enabled transactions or the 2024 update to the TCS BaNCS platform, API compatibility added to the TCS BaNCS platform, or providing clients with access to real-time data or the offering that requires only one legal agreement and operational contract to serve all markets.
TCS, a leading global IT services, consulting, and business solutions organisation, updated its BaNCS platform globally in 2024, with a focus on providing the strongest capabilities for its clients. The new enhancements include API compatibility that expands the system's functionality. Notably, TCS updated the platform for Central Bank, a leading Midwest regional bank in the US, to modernise its core technology infrastructure, drive innovation, and enhance customer onboarding processes, aiming to simplify operations and boost customer experience through advanced API ecosystem integration.
Standard Bank has integrated the TCS platform with its own proprietary custody platform, IS Online, for real-time settlement and reporting. This integration allows the bank to offer a seamless service to its clients, with transactions being communicated swiftly and efficiently. The TCS BaNCS platform is Swift enabled, ensuring the smooth communication of transactions.
Standard Bank's Investor Services division attracts leading institutional investors, including top global custodians, broker-dealers, and pension funds. The bank's solid and consistent growth in new client mandates and a dominant market share in assets under custody in the countries it operates are testament to the quality of its services.
In addition to its operations in South Africa and Nigeria, Standard Bank operates the largest sub-custody network in sub-Saharan Africa, spanning 16 countries. The bank is the first to offer securities lending in both South Africa and the Nigerian market. Plans for securities lending services are underway in Botswana and Kenya.
Standard Bank's success in the region is reflected in its numerous awards. The bank is the regional winner, as well as the country winner in Mozambique and South Africa; Standard Bank Group subsidiary Stanbic Bank wins in Ghana and Nigeria. These accolades underscore the bank's commitment to providing exceptional service to its clients.
The bank's editorial board's selection of institutions is based on market research, expert sources, and banks' entry information. The criteria for selection include customer relations, quality of service, technology platforms, post-settlement operations, knowledge of local markets, regulations, and practices.
In conclusion, Standard Bank's strategic growth initiatives, coupled with its integration of the TCS BaNCS platform, position the bank for continued success in the future. The bank's securities lending service, while not directly mentioned in relation to the TCS BaNCS platform updates, is an important part of its growth strategy, aimed at simplifying and enhancing operational efficiency.
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