TCS BaNCS for Treasury solution to be deployed by Commercial Bank of Kuwait
Tata Consultancy Services (TCS) said that the Commercial Bank of Kuwait (CBK) has selected its TCS BaNCS for Treasury solution for managing risk better, improve asset class coverage, and also for driving future growth.
According to the Indian IT services provider, Commercial Bank of Kuwait was looking for a modern, integrated treasury solution to enable the transformation of its treasury operations. Besides, the Kuwaiti bank wanted a solution to help it provide new generation asset classes, improve risk management, while ensuring regulatory compliance.
Hussain Al Aryan – General Manager, Treasury and Investment Division, Commercial Bank of Kuwait said: “We have been a premier provider of banking services in the region and the treasury business in a critical part of our bank’s overall revenue stream. We selected TCS BaNCS for its breadth and depth of functionality and successful track record of treasury programs deployed at leading financial institutions in the region.
“With TCS BaNCS, we look forward to transforming our treasury operations, making our bank future ready, enhancing customer experience, easing regulatory compliance, and bringing in exotic asset classes to our product mix. We believe that our partnership with TCS will help us meet the challenges of the future.”
Tata Consultancy Services said that TCS BaNCS for Treasury will help Commercial Bank of Kuwait provide a wider variety of cash and derivative treasury products, integrate multiple trading and messaging platforms, handle cash and positions in real time, and provide extensive accounting and reporting capabilities.
The front-to-back, cross-asset solution as per the Indian IT services provider will enable the Kuwaiti bank to build a firm foundation for digitization and grow its customer base.
The integrated solution is said to provide straight-through processing, and fully automated confirmation, clearing, settlement, collateral management, and dispute resolution apart from integrated accounting.
Tata Consultancy Services said that the TCS BaNCS for Treasury solution rests on a digital core and includes standardized and well-documented APIs that can integrate seamlessly with the existing IT landscape of the Commercial Bank of Kuwait.
Venkateshwaran Srinivasan – Global Head of 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.”
Recently, Tata Consultancy Services introduced a new blockchain-based solution called Quartz for Markets for enabling exchanges, financial institutions, and other market infrastructure institutions (MIIs) to innovate with tokenized assets.