KCC wanted to minimize IT maintenance cost by replacing in-house legacy applications.
At Kuwait Clearing Company (KCC), key business operation subsystems for registrar services, liquidity management, and mutual fund services were controlled by a series of siloed, in-house applications. Apart from being difficult and expensive to maintain, these applications did not have a direct interface with the core depository platform. This not only hindered the company’s ability to make REMAT and DEMAT transactions in real time, but also impacted operational efficiency and performance. The financial major decided to partner with TCS BaNCS to transform its fragmented application landscape into a single integrated system.
With TCS BaNCS for Market Infrastructure, KCC lowers TOC and improves efficiency.
KCC successfully implemented TCS BaNCS for Market Infrastructure, well in advance of the scheduled trading software upgrade at the Kuwait Stock Exchange (KSE) by NASDAQ. This entire process was completed without disrupting business operations by delivering the core system along with peripheral subsystems in parallel.
. It also enabled the financial major to improve user access control with additional granular functional eligibility checks. Customized to meet local regulations of the Kuwaiti market, TCS BaNCS enabled KCC to:
Offer depository and registrar services on a single platform
Automate payments and fund transfer using the SWIFT network
Increase the flexibility and reach of all market participants
Use international standards and practices such as ISIN based identification and ISO 15022
“Thanks to TCS BaNCS, our decade long strategic partner, we have one functionally rich comprehensive solution today.” - Othman Ibrahim Al-Eissa, CEO, KCC