HIGHLIGHTS OF CSCS ACTIVITIES
PRESENTED AT THE
CAPITAL MARKET COMMITTEE (CMC)
MEETING HELD ON
9TH MAY, 2017
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Confidentiality: RED
Outline
 Project Meridian
 Pension Contribution Management System
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PROJECT MERIDIAN
INTRODUCTION
PROJECT PARTNERS
 Since Incorporation, CSCS has been using “Equator”
Software for its operational activities. In order to
modernize its operations and implement a single
integrated system for all its key business operations,
“Project Meridian” was commissioned.
 The scope of the project involves the acquisition,
customization and implementation of a platform that
will provide efficient Clearing, Settlement and
Depository services to the Nigerian Capital Market.
TCS BaNCS
functions,
 To ensure efficient project delivery and quality
assurance, Accenture Nigeria was engaged as the
project consultant on the Project to support the CSCS
Project Management office.
BENEFITS
 The TCS BaNCS solution will provide CSCS with
Depository
 CSCS partnered with TATA Consultancy Services
(TCS), a world renowned IT servicing and business
solutions organization, to implement the TCS BaNCS
Market Infrastructure solution.
Services,
support
Clearing
for
various
&
Settlement
DVP
models,
Enhanced
technology
to
improve
operational
efficiency
Support of a wider array of asset classes
integration with trading platforms, Risk & Collateral
The flexibility to launch new products
Management
High Availability and Improved performance
and
Securities
Borrowing.
Lending
and
Increased productivity and process automation
Enhanced monitoring and investigative capabilities
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Project Updates
 The implementation of Project Meridian commenced in January
2016. The Project Initiation, Planning, Solution Analysis and
Solution Alignment phases of the project were all completed in
2016. The Training, Testing, Data Migration and Go-live phases
are scheduled for completion in the 2nd quarter of 2017.
Project Phase
Status
End Date
Initiation & Planning Phase
Completed
Solution Analysis Phase
Completed
Solution Alignment Phase
Completed
Training Phase
In-progress
Q1 – Q2 2017
Testing Phase
In-progress
Q1 – Q2 2017
Data migration
In-progress
Q2 2017
Not Yet
Q2 2017
Go-live
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Q1 – Q4 2016
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CSCS PENSION CONTRIBUTION MANAGEMENT
SYSTEM (PCMS)
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PENSION CONTRIBUTION MANAGEMENT SYSTEM
 CSCS is well positioned to replicate its successes in the Nigerian Capital Market to the Nigerian
Pension Industry.
 To successfully add value, CSCS proposes the implementation of an effective Pension
Contribution Management System (PCMS) that will support the goals and objectives of PENCOM
as well as all other stakeholders in the Pension Industry.
CSCS PCMS
•
Prompt remittance of pension contributions
•
Timely payment of retirement benefits
•
Seamless transfer of RSA account from resident PFA to
preferred PFA
•
Increased efficiency and straight through processing (STP)
•
Enhanced transparency & trust among participants
•
Easy reconciliation and investigation capabilities
•
Global view of RSA records at a glance by the regulator
•
Improved oversight functions by PenCom
•
Promote a sustainable Pension Industry
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Benefits
The Nigerian
Pension
Industry
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CSCS Pension Contribution Management
System (PCMS)
Employers
•
•
•
•
•
•
RSA Holders
Ability to upload and update employee information
for pension contribution
Payment link for remittance of monthly
contribution to PFC (PFA)
Access to compensation details of employees
(RSA holders) in the organization
Self-Service sign on
Customized and bespoke report generation.
Standardized schedule format
•
•
•
•
•
PFA/CPFA/PFC
•
•
•
•
•
Real time access to an individual’s RSA information:
bio data, monthly contributions and remittances by
employers
Display of RSA and retirement payment requests
respectively
Flexible RSA account transfer window: Intra PFA
transfer within a PFC & Inter PFA between PFCs
Ability to generate reports as required
Customized and bespoke report generation.
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Monitor the status of monthly pension contributions
and compensation details
Ability to view bio data and other related
information
Monitor the status of RSA transfer requests,
pension payment requests, complaints etc.
Email and SMS Alerts
Payment link for voluntary contributions
PENCOM
•
•
•
PENCOM module – (unrestricted access to data
bank on pension contributions and all processes
– Employers, PFA/CPFA/PFC)
Transaction timestamps to facilitate regulatory
oversight
Standardised complaints, payments,
reconciliation/investigation and monitoring system
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Value Added Services – PCMS
•
Alert system (SMS & email) to notify stakeholders
of account activities: Contributions, remittances,
payments, transfers, balances etc.
•
Disaster Recovery infrastructure & Business
Continuity Plan (DR/BCP)
•
Biometric Enrolment and verification system
(BEVS) to uniquely identify RSA holders and to
mitigate identity theft.
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