Central Bank of Kuwait Modernizes Its Technology Platform with TCS BaNCS
Tata Consultancy Services’ Flagship Banking Platform Will Enhance Operations, Strengthen Linkages to the Ecosystem and Make the Bank Future-Ready
KUWAIT | MUMBAI, January 7, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that the Central Bank of Kuwait (CBK) is now operational on TCS BaNCS, its flagship banking platform that helps financial services institutions embrace open and innovative technologies that enhance end-customer experience.
CBK is the banker to the Government of Kuwait, responsible for the country’s monetary and credit policies. It embarked on a technology transformation journey to upgrade the IT infrastructure systems.
As part of that transformational initiative, CBK selected TCS BaNCS for its open architecture, rich functionality, flawless implementation track record across more than 450 sites worldwide, and longstanding partnerships with leading financial institutions in the Middle East. Following a successful implementation, TCS BaNCS’ depth and breadth of functionality is expected to significantly enhance the central bank’s support for, and oversight of, the industry, strengthen its architecture and linkages to broader financial systems, and position it well to address the opportunities of the future.
Commenting on the development, R Vivekanand, Vice President and Co-Head, TCS Financial Solutions said, “We are glad to partner with Central Bank of Kuwait and further strengthen our position as a provider of mission critical solutions in Kuwait. TCS BaNCS is unique in its functional range across core banking, Payments, Treasury, Bonds settlement and Clearing capabilities, consolidating a range of services into a single solution. This implementation at CBK is a great example of a progressive central bank embracing the Business 4.0 vision, and building a platform to expand and foster the country’s financial ecosystem and deliver exponential value to the nation.”
The implemented solution automates the core processes associated with government securities, such as issuance, repo, OTC, coupons, and redemption. The platform’s real-time interfaces with data feeds and market applications have enabled high levels of Straight-Through Processing, thereby eliminating the need for human intervention, and reducing the turnaround times and possibility of errors. Productivity is further enhanced by using the platform’s auto-authorization features to automate manual processes.
The new solution from TCS will improve the efficiency of services delivered to government entities and banks, streamline operational processes, provide new and enriched functionality, reinforce information security controls to ensure robust security and enhanced stability of their financial infrastructure, and incorporate best practices in reporting. The bank’s process control and monitoring capabilities have been significantly boosted by TCS BaNCS’ dynamic and visual dashboards.
Automated debt management capabilities enable market model changes in line with other leading central banks across the world. Furthermore, TCS BaNCS conforms to open banking standards and integrates with ancillary solutions and a partner ecosystem, helping CBK to create an enlarged, enriched and connected banking ecosystem.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: https://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of 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, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 411,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion in the fiscal year ended March 31, 2018, 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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