Commercial Bank of Kuwait selects TCS BaNCS to transform treasury ops

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

Topics

TCS | Kuwait | Risk management


BS Reporter  | 
Mumbai 

IT services major Tata Consultancy Services (TCS), 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, said a statement from TCS.

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 standardised and well-documented APIs that can seamlessly integrate with the existing IT landscape of CBK.

Hussain Al Aryan, GM, Treasury & 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.”

“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,” said Venkateshwaran Srinivasan, global Head, TCS Financial Solutions.

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 derivatives on FOREX, rates, equity, credit, commodities and alongside OTC hybrid structures.

Architected on 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

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.


We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor