Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions organization, announced its customer, the Kuwait Clearing Company (KCC), has upgraded from the existing version of TCS BaNCS to the new version with highly scalable architecture for market infrastructure, which has also helped KCC eliminate legacy systems like the registrar services system thereby minimizing operational risks.
TCS BaNCS is a comprehensive, web-enabled product suite addressing Straight-Through Processing across the entire capital market infrastructure value chain, encompassing Exchange Trading and Clearing with CCPs, Central Depository/Registry services and Market Surveillance. From leading depositories, exchanges and clearing organizations to Central Banks across the globe, TCS BaNCS has enabled transformation in markets worldwide.
Equipped with high-speed, high-quality communication interface capabilities, this new version also deploys Web Services to allow clients/participants to perform transactions in real time. Further, with SWIFT messaging, improved security, bulk authorization features, and a complete multilingual system, providing Arabic reports, this enhanced solution was implemented by KCC well ahead of the timeline for the new trading software at the Kuwait Stock Exchange.
Talal Al-ghanim, Assistant General Manager, KCC, said, “We have enjoyed a long and rich relationship with TCS. This upgrade helps us offer improved customer services by supporting increasing transaction volumes, lowering operational windows and delivering above the expectations of market participants. In addition to the core depository platform, KCC removed many peripheral IT systems and replaced them with TCS BaNCS Market Infrastructure, including the Registrar Services platform. We have one comprehensive solution today, provided by TCS who has been our strategic partner for over 10 years now.”
R. Vivekanand, Vice-President and Global Head, Product Delivery, TCS BaNCS, says, “We are pleased that TCS BaNCS has consistently enabled KCC to be a pioneer in the region. For example, KCC was the first organization in the Middle East to introduce derivatives. This upgrade now enables KCC to extend its leadership position in the region by delivering real-time information, web services and sophisticated reporting to the investor community in Kuwait.”