Ahli Brokerage QSC selects TCS BaNCS to extend its brokerage footprint in the Middle East
Mumbai, May 31, 2011: Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced today that Ahli Bank QSC (Qatar) has selected TCS BaNCS Universal Banking for its brokerage operations in Qatar.
Ahli Bank is part of the Ahli United Bank group headquartered in Bahrain, and present in seven countries - Bahrain, Qatar, Kuwait, Egypt, Oman, Iraq and the United Kingdom (UK). This follows the recent announcement from Qatar Exchange allowing Qatari Banks to make inroads into brokerage operations by establishing their own subsidiaries.
TCS BaNCS Universal Banking, at Ahli Brokerage, is a robust, unified platform that will support trading on the Qatar Exchange across multiple channels, asset classes and currencies. Enriched with algorithmic trading and institutional workflows, the solution will serve institutional customers more efficiently. Integrated with the core banking system existing in the bank, the solution will also enable Straight-Through-Processing (STP) and risk management, thereby enabling a rich customer experience. Its end-to-end capabilities will facilitate trading on GCC and international markets in addition to the local markets. Built on an open architecture, this component-based solution leverages a service-oriented and event-driven architecture, providing the bank with the much-desired agility, cost efficiencies and competitive advantage.
NG Subramaniam, President, TCS Financial Solutions, said, “TCS BaNCS is a multi-channel, multi-asset class, integrated platform that caters to the brokerage needs of our customers in a comprehensive manner. With Ahli Bank selecting us for its brokerage operations and to extend its footprint into new markets, it is a reiteration of the long-standing commitment and partnership we’ve had with our customers in the Middle East for over a decade now.”
Mohan Srinivasan, Head of Information Technology, Ahli Bank QSC, said, “The TCS BaNCS solution will help us offer unique services to the market and make us an end-to-end, multi-channel, pre- and post-trade processing provider. At the same time, it will help us extend our market reach to both the GCC countries and other international markets.”
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that will drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 240 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™,recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 198,500 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $8.2 billion for year ended March 31, 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
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