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Rollout of domestic custody platform into Emerging economies and maintenance, and support for the core Custody applications for a leading Investment Bank

Rollout of domestic custody platform into Emerging economies and maintenance, and support for the core Custody applications for a leading Investment Bank

Business Need

  • Supporting the Custody application across 12 regions in Asia (Bangkok, Jakarta, Hong Kong, Shanghai, Mumbai, Singapore, KL, Seoul, Manila, Colombo, Karachi, and Taipei) & Argentina and rolling out the platform in Hungary, Turkey, Vietnam, India, Dubai
  • Enhancements on a regular basis for the above regions

The core custody application supports trade & Settlement system and has key modules like Trade Processing & advises, Trade Settlement, Corporate Actions, SWIFT Interface, Static data maintenance, Customer reporting, Operational reporting etc. The system is Real time, multi-currency trade and settlement processing application.

HCL Solution

  • HCL has been involved in the following activities:
    • New implementation and gathering business requirements
    • Maintenance and Enhancements
    • Documentation of application functionality
    • Testing
    • UAT Support

HCL was involved in enhancing the Corporate action module for supporting Dividend, Interest , Bonus , Rights subscription, Takeover corporate actions. The following modules were enhanced.

  • Engine for Risk Calculation and Monitoring (Intraday & EOD)
  • Corporate Action Processing – Cash and Stock Dividend Claiming
  • Clearing and Settlement of On-exchange Trades (for Custodians who are non-clearing members)

For the APAC rollout, HCL was responsible for complete customization of the custody application for the APAC region. The scope of activities included:

  • New interface for proprietary custody application
  • Regulatory enhancement for different countries
  • Corporate Actions enhancements with respect to client communications
  • SWIFT enhancement
  • Testing and UAT support
 

Benefits

  • Complete understanding of the domestic custody landscape leading to understanding new requirements and developing solutions quickly
  • Reduced time to market through thorough understanding of regulatory reporting of EMEA and APAC regions leading to faster implementations of the Domestic Custody platform in emerging markets like Hungary, Turkey, Vietnam, India, and Dubai
  • Created a stand-alone reporting module which is reusable across the custody landscape and other divisions within the bank and helps in developing new reports in a short span of time

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