Tata Consultancy Services said that Bank Muscat has gone live with TCS BaNCS Universal Banking for its fund and investment banking operations. This deployment is a strategic upgrade to its earlier platform solution and will provide extensive capabilities for multiple asset classes such as funds, equities, fixed income and money markets.
According to TCS, business growth and the underlying complexity of operations were the key drivers for this upgrade to modern technology. TCS Financial Solutions has been a strategic partner of Bank Muscat for the past 15 years and TCS BaNCS' advanced breadth and depth of this additional functionality will position the bank for higher growth and operational efficiency. Bank Muscat selected TCS BaNCS Universal Banking after a long evaluation and selection process. This TCS BaNCS' upgrade will optimize the Bank's operational efficiency and processes. The new solution will both enhance workflows and reduce time taken on fund and investment banking operations.
“With Bank Muscat going live on the latest version of TCS BaNCS Universal Banking, our partnership has moved to the next level. The bank will be able to leverage further improvements made in the latest release in cross-asset, mid-to-back-office capabilities for fund and investment banking and in turn enhance their stature in the region. This deployment in Oman, further reinforces TCS BaNCS' extensive leadership and customer footprint throughout the Middle East,” said R Vivekanand, Vice President and Co-Head of TCS Financial Solutions.
With assets worth over $31 billion, Bank Muscat is the leading financial services provider in Oman with a strong presence in Corporate Banking, Retail Banking, Investment Banking, Islamic Banking, Treasury, Private Banking and Asset Management. The bank has the largest network of 149 branches, 630 ATMs & CDMs and more than 14,000 PoS terminals. The international operations consist of a branch each in Riyadh (Kingdom of Saudi Arabia), Kuwait and a Representative Office each in Dubai (UAE) and Singapore.