Oman’s Bank Muscat goes live with TCS BaNCS for Fund and Investment Management
Enhanced capability to deliver growth and operational efficiency
Mumbai, February 27, 2018: Tata Consultancy Services (BSE: 532540, NSE: TCS), the leading IT services, consulting and business solutions organization, announced that Bank Muscat, the flagship financial services provider in the Sultanate of Oman, has gone live with TCS BaNCS Universal Banking for its fund and investment banking operations. This deployment is a strategic upgrade to its earlier platform solution and will provide extensive capabilities for multiple asset classes such as funds, equities, fixed income and money markets.
Business growth and the underlying complexity of operations were the key drivers for this upgrade to modern technology. TCS Financial Solutions has been a strategic partner of Bank Muscat for the past 15 years and TCS BaNCS’ advanced breadth and depth of this additional functionality will position the bank for higher growth and operational efficiency. Bank Muscat selected TCS BaNCS Universal Banking after a long evaluation and selection process. This TCS BaNCS’ upgrade will optimize the Bank’s operational efficiency and processes. The new solution will both enhance workflows and reduce time taken on fund and investment banking operations.
R Vivekanand, Vice President and Co-Head, TCS Financial Solutions, said, “With Bank Muscat going live on the latest version of TCS BaNCS Universal Banking, our partnership has moved to the next level. The bank will be able to leverage further improvements made in the latest release in cross-asset, mid-to-back-office capabilities for fund and investment banking and in turn enhance their stature in the region. This deployment in Oman, further reinforces TCS BaNCS’ extensive leadership and customer footprint throughout the Middle East.”
About Bank Muscat
With assets worth over USD 31 billion, Bank Muscat is the leading financial services provider in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Islamic Banking, Treasury, Private Banking and Asset Management. The bank has the largest network of 149 branches, 630 ATMs & CDMs and more than 14,000 PoS terminals. The international operations consist of a branch each in Riyadh (Kingdom of Saudi Arabia), Kuwait and a Representative Office each in Dubai (UAE) and Singapore. Muscat Capital LLC, a 100% subsidiary of Bank Muscat, is a brokerage and investment banking entity in Saudi Arabia.
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. With a global customer base of more than 370 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, capital markets and insurance industries worldwide. For more information, visit us at http://sites.tcs.com/tcsbancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique, location-independent Agile delivery model, a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 390,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $17.6 billion for the year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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