QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents, providing a comprehensive range of advanced products and service
Image: QNB's headquarters in Doha, Qatar. Photo: courtesy of Trinidade/Wikipedia.org.
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that QNB Group, the largest financial institution in the Middle East and Africa, has selected the TCS BaNCS Global Securities Platform (GSP) to support the digital transformation of its capital markets operations.
QNB Group’s presence through its subsidiaries and associate companies extends to more than 31 countries across three continents, providing a comprehensive range of advanced products and services. The Bank’s growth strategy is to further expand its presence internationally, launching innovative products and a superior customer experience across the trade lifecycle, leveraging the latest technologies such as AI and Machine Learning.
To support this strategy, QNB has selected the TCS BaNCS Global Securities Platform, a future-proof post-trade solution that can support an integrated securities back-office across multiple asset classes, channels, markets and users. The platform also supports QNB’s digital transformation roadmap and future innovation plans.
Adel Al-Malki, General Manager – QNB Group Information Technology, said,“We have been working with TCS since 2013, and the firm has supported our global expansion efforts through advanced IT solutions. TCS’ services have enabled multi-market, multi-currency, straight-through settlements and corporate actions processing at depositories outside Qatar, while also strengthening our leading local presence.”
He added,“With the ongoing upgrade to the TCS BaNCS Global Securities Platform, we will be able to tap into a comprehensive and contemporary solution tailor-made to the market demands of today. Our vision is to grow our global footprint while keeping a firm eye on our local roots, and this is where a superior solution like TCS BaNCS will give us the scale that we are looking for and the ability to connect and tap into larger ecosystems.”
R Vivekanand, Co-Head, TCS Financial Solutions, said,“We believe that for firms to become agile, and create exponential value for their customers, they will have to proactively harness new technologies, and create innovative value propositions. The TCS BaNCS Global Securities Platform offers QNB a rich set of features to meet future performance needs, and rapid growth in channels, users, markets and applications. Designed for the Digital First, Cloud First, Business 4.0 world, the solution comes with the largest collection of capital markets components made available through the cloud and a set of cognitive tools that enable intelligent decision making and enhanced end customer experiences.”
The TCS BaNCS Global Securities Platform is a scalable, integrated solution with a comprehensive functionality encompassing the entire capital markets value chain for custodians, broker dealers, asset and wealth management firms. It supports multiple legal entities, languages, business lines, asset classes, markets and geographies. This front- to mid- to back-office platform embraces TCS’ Machine First approach to help firms automate core processes for securities trading, trade processing, clearing and settlement, custody, real-time position management, portfolio accounting and corporate actions administration. By minimizing manual intervention, the platform makes post-trade securities operations error-proof and reduces risks. Additionally, the improved turnaround times and scalability result in an enhanced customer experience.
Source: Company Press Release