KUWAIT CITY | MUMBAI: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Commercial Bank of Kuwait (CBK), one of the largest financial institutions in Kuwait, has selected TCS BaNCS™ for Treasury to manage risk better, enhance asset class coverage, and drive future growth.
CBK was looking for a modern, integrated treasury solution to help transform its treasury operations and offer new generation asset classes, enhance risk management, and ensure regulatory compliance. TCS BaNCS for Treasury will help CBK offer a wider range of cash and derivative treasury products, integrate various trading and messaging platforms, manage cash and positions in real time, and offer extensive accounting and reporting capabilities. This front-to-back, cross-asset solution will enable the bank to lay a firm foundation for digitization and expand its customer base.
The integrated solution offers comprehensive straight-through processing, and fully automated confirmation, settlement, clearing, collateral management and dispute resolution along with integrated accounting. It rests on a digital core and comes with standardized and well-documented APIs that can seamlessly integrate with the existing IT landscape of CBK.
Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions, said, “We are delighted to partner with the Commercial Bank of Kuwait in their treasury transformation initiative. TCS BaNCS’ comprehensive treasury solution offers much higher levels of straight-through-processing, enhances risk management and compliance and enables superior customer experience. This partnership further underscores our strong commitment to the Middle East market and is a testimony to our deep contextual understanding of the industry and local market practices.”
TCS BaNCS for Treasury is a cross-asset-class solution that is intelligent, agile, and automated. It is a multi-entity, multi-currency solution for front-, middle-, and back-office operations in treasury and trading. The solution supports a range of asset classes such as cash products on the foreign exchange, money markets, fixed income, and equity. It also covers OTC and exchange traded derivative on FOREX, rates, equity, credit, commodities and alongside OTC hybrid structures.
Its powerful and comprehensive functionality, with rich risk analytics, enables institutions to move from country- and asset-class-wise systems to a single platform aimed at proactively managing and monitoring organizational risk exposures. It further helps organizations identify the source of risk through innovative desk-book folders and risk transfer mechanisms. Architected on a robust, state-of-the-art Java EE and SOA-enabled architecture, it facilitates rapid enterprise integration. Following TCS BaNCS’ Digital First, Cloud First philosophy, the solution is platform-agnostic and has the facility to house multiple treasury units under one installation.
© Press Release 2021
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