Manama, Kingdom of Bahrain (17 October 2017): BMB announced that in continuation of its drive to successfully transform its business reach to a higher network of clients and corporates, has selected TCS BaNCS for Treasury to drive outstanding innovation, customer experience and to streamline and enhance its operations with maximized Straight-through processing (STP).
The Bank under its new major stakeholders, felt a growing need to optimize its treasury technology. The changing marketplace and its drive to cover international markets accelerated the push to offer innovative products and solutions to their customers. With heightened customer expectations and the internal need to streamline operations, BMB embarked on this treasury technology transformation.
Gaurav Baid, Chief Financial Officer, BMB, commented on the strategic role of technology in this transformation program, “The decision to transform treasury and risk management operations at BMB was driven by the need to optimize our treasury function and ensure focus on our core commitments and regulatory compliance. TCS BaNCS for Treasury is a perfect fit for supporting our current and future business needs, and also enable us to launch innovative solutions for our customers. We evaluated many alternatives but TCS platform aligned closely with our requirements. TCS BaNCS Treasury will help us to digitizing manual tasks and processes and drive innovation.”
Vivekanand, Vice President & Co-Head – TCS Financial Solutions, said, “A 100% Java solution, TCS BaNCS Treasury is a state of the art offering. This platform selection by BMB is a prime example of the richness of the solution and demonstrates our leadership and performance track record in the Middle East.”
TCS BaNCS for Treasury is an integrated, cross-asset-class platform for front-, middle-, and back-office operations in a treasury function. It is a multi-entity, multi-currency, integrated trading, risk management, processing, settlements and accounting platform, covering specialized and diverse asset-class instruments. It will help the Bank streamline workflows and enable decision support by providing real-time, cross-asset-class risk analytics from a single system. The extensive array of asset classes and instruments also make it easier for the Bank to explore a wide range of instruments for portfolio diversification.
BMB is a Wholesale Bank, established in 1982. It is one of the foremost Wholesale Banks to be set-up in the Kingdom of Bahrain and offers services in areas of:
BMB’s operations are backed by a network of relationships amongst Top Tier Global Financial Institutions, Asset Managers, Trade Finance Specialists and Investment Banks in the MENA region. For more information, visit us at www.bmb.com.bh.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BαNCS. With a global customer base of more than 370 institutions operating in over 80 countries, TCS BaNCS delivers core systems for the banking, insurance and capital markets industries worldwide, for the digital era. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS, infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™(GNDM), recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 387,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $17.58 billion for year ended March 31, 2017 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. For more information, visit us at www.tcs.com.