Comprehensive Capital Markets Solution from Tata Consultancy Services to Support the Bank’s Innovation Efforts, Digital Transformation and Future Growth Ambitions
DOHA | MUMBAI, September 25, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that QNB Group, the largest financial institution in the Middle East and Africa, has selected the TCS BaNCS™ Global Securities Platform (GSP) to support the digital transformation of its capital markets operations.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents, providing a comprehensive range of advanced products and services. The Bank’s growth strategy is to further expand its presence internationally, launching innovative products and a superior customer experience across the trade lifecycle, leveraging the latest technologies such as AI and Machine Learning.
To support this strategy, QNB has selected the TCS BaNCS Global Securities Platform, a future-proof post-trade solution that can support an integrated securities back-office across multiple asset classes, channels, markets and users. The platform also supports QNB’s digital transformation roadmap and future innovation plans.
Adel Al-Malki, General Manager - QNB Group Information Technology, said,“We have been working with TCS since 2013, and the firm has supported our global expansion efforts through advanced IT solutions. TCS’ services have enabled multi-market, multi-currency, straight-through settlements and corporate actions processing at depositories outside Qatar, while also strengthening our leading local presence.”
He added,“With the ongoing upgrade to the TCS BaNCS Global Securities Platform, we will be able to tap into a comprehensive and contemporary solution tailor-made to the market demands of today. Our vision is to grow our global footprint while keeping a firm eye on our local roots, and this is where a superior solution like TCS BaNCS will give us the scale that we are looking for and the ability to connect and tap into larger ecosystems.”
R Vivekanand, Co-Head, TCS Financial Solutions, said,“We believe that for firms to become agile, and create exponential value for their customers, they will have to proactively harness new technologies, and create innovative value propositions. The TCS BaNCS Global Securities Platform offers QNB a rich set of features to meet future performance needs, and rapid growth in channels, users, markets and applications. Designed for the Digital First, Cloud First, Business 4.0™ world, the solution comes with the largest collection of capital markets components made available through the cloud and a set of cognitive tools that enable intelligent decision making and enhanced end customer experiences.”
The TCS BaNCS Global Securities Platform is a scalable, integrated solution with a comprehensive functionality encompassing the entire capital markets value chain for custodians, broker dealers, asset and wealth management firms. It supports multiple legal entities, languages, business lines, asset classes, markets and geographies. This front- to mid- to back-office platform embraces TCS’ Machine First™ approach to help firms automate core processes for securities trading, trade processing, clearing and settlement, custody, real-time position management, portfolio accounting and corporate actions administration. By minimizing manual intervention, the platform makes post-trade securities operations error-proof and reduces risks. Additionally, the improved turnaround times and scalability result in an enhanced customer experience.
About QNB Group
QNB Group was established in 1964 as the country’s first Qatari-owned commercial bank, with an ownership structure split between the Qatar Investment Authority (50%) and the remaining (50%) held by members of the public.
QNB Group has steadily grown to be the biggest bank in Qatar and the largest financial institution in the Middle East and Africa region. QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 30,000 operating through 1,100 locations, with an ATM network of more than 4,400 machines. QNB Group has maintained its position as one of the highest rated regional banks from leading credit rating agencies including Standard & Poor’s (A), Moody’s (Aa3), Fitch (A+), and Capital Intelligence (AA-). The Bank has also been the recipient of many awards from leading international specialised financial publications.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services, focused on helping financial institutions across the world transform their businesses with the TCS BaNCS suite of products and platforms. Deployed by more than 450 progressive organizations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms leverage technology to become agile, enhance customer experience, accelerate product innovation, and embrace open standards and blockchain to leverage the extended ecosystem and achieve their growth and transformation objectives. To know more about TCS BaNCS, please visit: 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 436,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, 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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