Mumbai: IT major Tata Consultancy Services (TCS) today announced that Qatar National Bank has gone live with the TCS BaNCS universal banking solution for custody. As part of its strategy to become a financial powerhouse, the Bank has been deploying technology to roll out products at a fast clip.
The project has gone live within the planned nine months and is expected to reinforce QNB’s growing stature not just as a regional bank but as an emerging global bank with local roots. The solution now supports QNB’s Custody, Securities Lending & Borrowing on Direct Investor Channels in Qatar.
QNB Group has steadily grown to be the largest bank in the Middle East and North Africa Region and is by far the leading financial institution in the country with a market share exceeding 45% of banking sector assets.
Commenting on the go-live, Adel Al Malki, General Manager, Group IT, QNB said, “As the biggest bank in Qatar and the leading Financial Institution in the Region, it is important that we provide quality solutions to our clients and customers. The introduction of TCS BaNCS deploys robust and proven technology that will benefit our diverse range of Custody and Securities Lending & Borrowing clients, and this will further enhance capabilities and delivery in this important area of our business.”
“With this go-live TCS BaNCS has further expanded its customer presence in the Middle East”, said Ariketh Vasudevan, Head of TCS Financial Solutions, MEA. “Today, more than 40 financial institutions use this platform as their preferred technology solution in the banking and capital markets segments”.
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 BaNCS. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions delivers state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide.
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