TCS to deploy BaNCS for Treasury at Commercial Bank of Kuwait

Tata Consultancy Services (TCS) on Monday said its TCS BaNCS for Treasury software suite has been selected to better manage risk, enhance asset class coverage and drive future growth at Commercial Bank of Kuwait (CBK).

The Kuwait City based bank 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, Mumbai based TCS said in a statement.

Established in June 1960, CBK is the second oldest Bank in Kuwait.

TCS BaNCS for Treasury will help the bank 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, the statement said.

The front-to-back, cross-asset solution will enable the bank to lay a firm foundation for digitization and expand its customer base, the statement said, adding that the integrated solution offers comprehensive straight-through processing, and fully automated confirmation, settlement, clearing, collateral management and dispute resolution along with integrated accounting.

TCS BaNCS for Treasury rests on a digital core and comes with application programming interfaces (API) that will integrate with the existing IT landscape of CBK.

“We have been a premier provider of banking services in the region and the treasury business is 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,” Hussain Al Aryan, general manager, Treasury and Investment Division, CBK, said.

Architected on a Java EE and SOAenabled architecture, TCS BaNCS for Treasury is a cross-asset-class solution that is multi-entity, multi-currency for front, middle, and back-office operations in treasury and trading. It supports a range of asset classes such as cash products on the foreign exchange, money markets, fixed income, and equity.

It also covers over-the-counter (OTC) and exchange traded derivative on FOREX, rates, equity, credit, commodities and alongside OTC hybrid structures. Its comprehensive functionality, with risk analytics, enables institutions to move from country- and asset-class-wise systems to a single platform. It helps organizations identify the source of risk through desk-book folders and risk transfer mechanisms.

Deployed at over 450 installations worldwide, TCS BaNCS comprises of components, enterprise and consumer apps for the financial industry made available through the cloud.