Commercial Bank of Kuwait (CBK), one of Kuwait's largest financial institutions, has chosen TCS BaNCSTM for Treasury to better manage risk, expand asset class coverage, and drive future growth, announced Tata Consultancy Services (TCS), a leading global IT services, consulting, and business solutions organization.

CBK needed a contemporary, integrated treasury system to assist transform its treasury operations and offer new generation asset classes, improve risk management, and maintain regulatory compliance.

TCS BaNCS for Treasury will enable CBK to provide a broader choice of cash and derivative treasury products, as well as integrate various trading and messaging platforms, handle cash and positions in real time, and provide significant accounting and reporting features.

The bank will be able to create a strong platform for digitization and expand its customer base with this front-to-back, cross-asset solution.

The integrated solution includes integrated accounting as well as extensive straight-through processing, fully automated confirmation, settlement, clearing, collateral management, and dispute resolution.

It is built on a digital core and includes standardized and well-documented APIs that connect smoothly with CBK's existing IT infrastructure.

Hussain Al Aryan, General Manager, Treasury & Investment Division, Commercial Bank, Kuwait expressed that, “we have been a premier provider of banking services in the region and the treasury business is 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”.

TCS BaNCS for Treasury is an intelligent, agile, and fully automated cross-asset-class solution. It's a multi-entity, multi-currency solution for treasury and trading operations' front-, middle-, and back-office functions.

“We are excited to revamp our treasury operations with TCS BaNCS, ensuring that our bank is future-ready, improving customer experience, easing regulatory compliance, and adding exotic asset classes to our product range. We feel that our collaboration with TCS will enable us to address future difficulties", said Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions.

Cash products on the foreign exchange market, money markets, fixed income, and equity are among the asset classes supported by the solution. It also supports OTC and ETD FOREX derivatives, rates, equity, credit, commodities, and OTC hybrid structures.

Its robust and extensive functionality, along with rich risk analytics, allows institutions to transition from country- and asset-class-specific systems to a unified platform for proactively managing and monitoring organizational risk exposures.

Through unique desk-book folders and risk-transfer methods, it also assists enterprises in identifying the source of risk. It supports speedy enterprise integration by being built on a solid, state-of-the-art Java EE and SOA-enabled architecture. The solution is platform-agnostic and can host many treasury units under one installation, following TCS BaNCS' Digital First, Cloud First philosophy.

"This partnership further underscores our strong commitment to the Middle East market and is a testimony to our deep contextual understanding of the industry and local market practices”, expressed Srinivasan.