KCC is the central clearing, settlement and depository entity for the Kuwaiti securities market. KCC provides clearing, settlement and depository services to all Kuwait Stock Exchange (KSE) traded securities, and derivatives. It also provides depository services for unlisted equity securities and debt instruments. KCC provides registrar and trustee services to the companies and investment funds, and performs local and regional custody services for both local and foreign investors.
Kuwait Clearing Company worked with TCS BaNCS to modernize their depository platform and to implement a single integrated application system for all key business operations of KCC. They were still using in-house applications for sub-systems like – Registrar Services, Bank Reconciliation/Liquidity Management, Bond and Mutual Fund services and Fund Trustee Management Services. However, these were cumbersome and expensive to maintain and KCC realized that the lack of a real-time interface between their sub-systems and their core depository platform was hindering their efficiency. To overcome this, they decided to upgrade to the latest market infrastructure solution from TCS BaNCS.
The market infrastructure solution from TCS BaNCS was successfully deployed for KCC during the first quarter of 2012. The solution, which integrated all of KCC applications on one platform, improved the efficiency and performance, by making transactions real - time and brought down the cost of operations.
The project undertaken by TCS BaNCS was unique, as it was an integrated solution that offered both depository and registrar services on a single platform. Apart from upgrading the depository services, the product provided solutions for efficient handling of Bonds and Mutual Funds Services, Treasury Management and Fund Trustee Management services. The market infrastructure solution from TCS BaNCS provided the following benefits to KCC:
- Future-proof solution
- Have a comprehensive view of data
- Experience real-time transactions and increased security
- Dematerialization and re-materialization were made real-time
- Corporate actions processing made easy