Tata Consultancy Services (TCS), (BSE: 523540, NSE: TCS) a leading IT services, consulting and business solutions organization, announced today that Ahli Bank QSC (Qatar) has selected TCS BaNCS Universal Banking for its brokerage operations in Qatar.
Ahli Bank is part of the Ahli United Bank group headquartered in Bahrain, and present in seven countries - Bahrain, Qatar, Kuwait, Egypt, Oman, Iraq and the United Kingdom (UK). This follows the recent announcement from Qatar Exchange allowing Qatari Banks to make inroads into brokerage operations by establishing their own subsidiaries.
TCS BaNCS Universal Banking, at Ahli Brokerage, is a robust, unified platform that will support trading on the Qatar Exchange across multiple channels, asset classes and currencies. Enriched with algorithmic trading and institutional workflows, the solution will serve institutional customers more efficiently. Integrated with the core banking system existing in the bank, the solution will also enable Straight-Through-Processing (STP) and risk management, thereby enabling a rich customer experience. Its end-to-end capabilities will facilitate trading on GCC and international markets in addition to the local markets. Built on an open architecture, this component-based solution leverages a service-oriented and event-driven architecture, providing the bank with the much-desired agility, cost efficiencies and competitive advantage.
NG Subramaniam, President, TCS Financial Solutions, said, “TCS BaNCS is a multi-channel, multi-asset class, integrated platform that caters to the brokerage needs of our customers in a comprehensive manner. With Ahli Bank selecting us for its brokerage operations and to extend its footprint into new markets, it is a reiteration of the long-standing commitment and partnership we’ve had with our customers in the Middle East for over a decade now.”
Mohan Srinivasan, Head of Information Technology, Ahli Bank QSC, said, “The TCS BaNCS solution will help us offer unique services to the market and make us an end-to-end, multi-channel, pre- and post-trade processing provider. At the same time, it will help us extend our market reach to both the GCC countries and other international markets.”