January 07, 2019
Central Bank of Kuwait modernises 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: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, 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.