TCS on Monday announced that Commercial Bank of Kuwait (CBK) has selected TCS BaNCS for treasury to manage risk, enhance asset class coverage and drive future growth.
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. The front-to-back, cross-asset solution will also enable the bank to lay a firm foundation for digitization and expand its customer base.TCS BaNCS for treasury is a cross-asset-class solution is a multi-entity, multi-currency solution for front-, middle-, and back-office operations in treasury and trading. The solution supports a range of asset classes such as cash products on the foreign exchange, money markets, fixed income, and equity. It also covers OTC and exchange traded derivative on FOREX, rates, equity, credit, commodities and alongside OTC hybrid structures.
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 standardized and well-documented APIs that can seamlessly integrate with the existing IT landscape of CBK.
Venkateshwaran Srinivasan, global head of TCS Financial Solutions said, 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 straight-through-processing, enhances risk management and compliance and enables superior customer experience. 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.
TCS is an IT services, consulting and business solutions organization. The IT major reported a 6.3% growth in consolidated net profit to Rs 9,246 crore in Q4 FY21 over Q3 FY21. Revenue grew 4% to Rs 43,705 crore in Q4 FY21 over Q3 FY21.
Shares of TCS were down 1.27% at Rs 3,337.65 on BSE.
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