Indian multinational information technology services and consulting company, Tata Consultancy Services has announced that the Commercial Bank of Kuwait (CBK) has selected its ”BaNCS for Treasury” solution to manage risk better, improve asset class coverage, and accelerate future growth.
TCS BaNCS for Treasury will enable CBK to provide a broader choice of cash and derivative treasury products, as well as integrate various trading and messaging platforms, handle cash and positions in real-time, and provide comprehensive accounting and reporting capabilities.
The bank will be able to create a solid platform for digitization and expand its customer base with this front-to-back, cross-asset solution, as per the company statement.
The integrated solution provides comprehensive straight-through processing, and fully automated confirmation, settlement, clearing, collateral management, and dispute resolution along with integrated accounting. According to the statement, “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.”
“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 variety of asset classes, including cash products on the foreign exchange, money markets, fixed income, and equity. Further, it covers OTC and exchange-traded derivative on FOREX, rates, equity, credit, commodities, and OTC hybrid structures.