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Oman’s Bank Muscat goes live with TCS BaNCS for fund and investment management
Tata Consultancy Services (TCS), the global IT services, consulting and business solutions organisation, has announced that Bank Muscat, the flagship financial services provider in Oman, has gone live with TCS BaNCS Universal Banking for its fund and investment banking operations.
TCS BaNCS is a core software banking suite developed to enable transformation in financial services. This deployment is a strategic upgrade to Bank Muscat’s earlier platform solution and will provide extensive capabilities for multiple asset classes such as funds, equities, fixed income and money markets, the companies said.
Business growth and the underlying complexity of operations were the key drivers for this technology upgrade, the bank said. TCS Financial Solutions has been a strategic partner of Bank Muscat for the past 15 years, and the Universal Banking solution was selected after a long evaluation and selection process.
R Vivekanand, Vice President and Co-Head of TCS Financial Solutions, said: “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.”