BankMuscat Selects TCS BaNCS Securities Trading Solution
TCS BαNCS Securities Trading solution to provide BankMuscat with advanced Internet Trading platform
Mumbai, India, 11th February, 2008 – TCS Financial Solutions, the strategic business unit of Tata Consultancy Services (TCS), (BSE: TCS.BO, NSE: TCS.NS) dedicated to providing business application solutions to the banking, insurance and capital markets industries, announced today that BankMuscat, the largest bank in Oman, has selected TCS BαNCS Securities Trading solution to assist its customers trade online in the Muscat Securities Market.
TCS BαNCS Securities Trading solution provides a comprehensive order, execution management and trading platform for both institutional and retail focused broker-dealers. The system offers seamless integration of trading and risk management and supports various markets, asset classes, languages and currencies. The business application connects with several liquidity destinations for order execution and interfaces with market data vendors for data capture, low-latency streaming, and display of Level 1 and Level 2 quotes from multiple markets.
BankMuscat selected the advanced TCS BαNCS Securities Trading solution due to its outstanding ability to provide online, real-time, multiasset class and multicurrency position keeping. TCS BαNCS Securities Trading solution will also present BankMuscat Securities Trading clients with real-time trade confirmations and a unique facility to manage lien marking for funds and securities.
AbdulRazak Ali Issa, Chief Executive, BankMuscat, said: “We continue to invest in high quality business applications like TCS BαNCS Securities Trading to drive revenue growth. User behavior in Securities Trading is evolving; more and more customers wish to conduct their financial transactions and trades with one financial institution. With TCS BαNCS Securities Trading, we will now be able to offer customers a more personalized and efficient environment to conduct all of their dealings.”
Mr. N. Ganapathy Subramaniam, President, TCS Financial Solutions states: “With TCS Financial Solutions world-class system integration expertise and strong commitment to product innovation, our clients, such as BankMuscat, can rest assured that we are delivering the continuous value they require to enhance their customer experience and operational efficiencies.”
With assets worth over US $10.9 billion, BankMuscat (SAOG) is the largest bank in Oman today with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has a network of 107 branches and over 250 ATMs in Oman, a branch in Riyadh, Saudi Arabia, and a representative office in Dubai (UAE). BankMuscat also has a strategic stake in Centurion Bank of Punjab, a private sector bank in India and BankMuscat International (BMI) an independent Banking entity that will be focused on becoming a truly GCC regional bank. The Bank has also acquired a 43% stake in the Mangal Keshav Group, one of the oldest and most respected securities houses in the fast-growing Indian equities market.
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 BαNCS. 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 in excess of 200 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at TCS BaNCS.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services 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 108,000 of the world's best trained IT consultants in 47 countries. The Company generated consolidated revenues of US $4.3 billion for fiscal year ended 31 March, 2007 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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