Kuwait Clearing Company completes successful upgrade to TCS BaNCS
Mumbai, July 30, 2012: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization, announced that its customer, the Kuwait Clearing Company (KCC), has upgraded from the existing version of TCS BaNCS to the new version with highly scalable architecture for market infrastructure, which has also helped KCC eliminate legacy systems like the Registrar Services System, thereby minimizing operational risks.
TCS BaNCS is a comprehensive, web-enabled product suite addressing Straight-Through-Processing (STP) across the entire capital market infrastructure value chain, encompassing Exchange Trading and Clearing with CCPs, Central Depository / Registry Services and Market Surveillance. From leading depositories, exchanges and clearing organizations to central banks across the globe, TCS BaNCS has enabled transformation in markets worldwide.
Equipped with high-speed, high-quality communication interface capabilities, this new version also deploys web services to allow clients / participants to perform transactions in real time. Further, with SWIFT messaging, improved security, bulk authorization features and a complete multilingual system, providing Arabic reports, this enhanced solution was implemented by KCC well ahead of the timeline for the new trading software at the Kuwait Stock Exchange.
Talal Al-ghanim, Assistant General Manager, KCC, said, “We have enjoyed a long and rich relationship with TCS. This upgrade helps us offer improved customer services by supporting increasing transaction volumes, lowering operational windows and delivering above the expectations of market participants. In addition to the core depository platform, KCC removed many peripheral IT systems and replaced them with TCS BaNCS Market Infrastructure, including the Registrar Services Platform. We have one comprehensive solution today, provided by TCS who has been our strategic partner for over 10 years now.”
R Vivekanand, Vice-President and Global Head, Product Delivery, TCS BaNCS, said, “We are pleased that TCS BaNCS has consistently enabled KCC to be a pioneer in the region. For example, KCC was the first organization in the Middle East to introduce derivatives. This upgrade now enables KCC to extend its leadership position in the region by delivering real-time information, web services and sophisticated reporting to the investor community in Kuwait.”
About Kuwait Clearing Company
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.
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 drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 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, BPO, 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 243, 000 of the world’s best-trained consultants in 42 countries. The company generated consolidated revenues of US $10.17 billion for year ended March 31, 2012 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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