Bank of Kuwait selects TCS BaNCS to transform treasury ops

IT services major Tata Consultancy Services (TCS), announced that Commercial Bank of Kuwait (CBK), one of the largest financial institutions in Kuwait, has selected TCS BaNCS for Treasury to manage risk better, enhance asset class coverage, and drive future growth.

CBK was looking for a modern, integrated treasury solution to help transform its treasury operations and offer new generation asset classes, enhance risk management, and ensure regulatory compliance. TCS BaNCS for Treasury will help CBK offer a wider range of cash and derivative treasury products, integrate various trading and messaging platforms, manage cash and positions in real time, and offer extensive accounting and reporting capabilities. This front-to-back, crossasset solution will enable the bank to lay a firm foundation for digitization and expand its customer base, said a statement from TCS.

The integrated solution offers comprehensive straight-through processing, and fully automated confirmation, settlement, clearing, collateral management and dispute resolution along with integrated accounting. It rests on a digital core and comes with standardised and welldocumented APIs that can seamlessly integrate with the existing IT landscape of CBK.

Hussain Al Aryan, GM, Treasury & Investment Division, Commercial Bank of Kuwait, said, "We have been a premier provider of banking services in the region and the treasury business in a critical part of our bank's overall revenue stream. We selected TCS BaNCS for its breadth and depth of functionality and successful track record of treasury programs deployed at leading financial institutions in the region. With TCS BaNCS, we look forward to transforming our treasury operations, making our bank future ready, enhancing customer experience, easing regulatory compliance, and bringing in exotic asset classes to our product mix. We believe that our partnership with TCS will help us meet the challenges of the future."

"We are delighted to partner with the Commercial Bank of Kuwait in their treasury transformation initiative. TCS BaNCS' comprehensive treasury solution offers much higher levels of straightthrough-processing, enhances risk management and compliance and enables superior customer experience," said Venkateshwaran Srinivasan, global Head, TCS Financial Solutions.