TCS to tap newer markets

Global IT services major Tata Consultancy Services Ltd is planning to tap emerging markets, including the Philippines and Shanghai, with its E-Clear Settle, a financial and settlement suite.

"E-Clear Settle is a suite for emerging financial markets and is less complicated, in turn, enabling smaller and leaner bourses to implement the same," TCS vice president Ravi Shah told reporters in Mumbai on Monday.

E-Clear Settle, which has been developed on a new platform, enables stock exchanges to seamlessly move over to T+1 to T+0 settlements, he said, adding it has already been installed at stock exchanges in Kuwait and Singapore.

Apart from the Philippines and Shanghai, the company is also planning to sell the product in another four-five countries, he said.

He, however, did not divulge the names of the countries TCS is targeting for the product.

Earlier, TCS and SIS Swiss Financial Services Group AG had developed a solution for the markets, SECOM, which is being implemented by both the companies across the world.

However, SECOM is not suited for small markets, Shah said stressing on the need for developing a new software on an entirely different platform.

Meanwhile, TCS has completed a 15-year relationship with SIS Group. TCS and SIS Group, along with its partner TKS-Teknosoft had entered into a tie-up in the late 1980s.

SIS Systems AG chief executive officer Donald Thomas said the two companies had also recently installed SECOM at Johannesburg (South Africa), in Canada and at National

Securities and Depository Ltd in India among other places.

The Intellectual Property Right of the software rests with the SIS Group, but the company is "willing to offer it to TCS for development of new products and tapping of newer markets", he said.