The Central Bank of Kuwait (CBK) is now operational on the banking platform TCS Bancs from Tata Consultancy Services (TCS).

CBK is the banker to the Government of Kuwait, responsible for the country’s monetary and credit policies.

As FinTech Futures understands, the central bank embarked on this IT infrastructure systems upgrade around five years ago, in 2013, when the selection was announced.

CBK says it selected TCS Bancs for its open architecture, rich functionality, implementation track record, and longstanding partnerships with other in the Middle East.

R Vivekanand, vice-president and co-head, TCS Financial Solutions, says, “This implementation at CBK is a great example of a progressive central bank embracing the Business 4.0 vision, and building a platform to expand and foster the country’s financial ecosystem and deliver exponential value to the nation.”

The central bank says the implemented solution automates the core processes associated with government securities, such as issuance, repo, OTC, coupons, and redemption.

The platform interfaces with data feeds and market applications also enable straight-through processing.

The new solution from TCS will also provide services for government entities and banks, information security controls and reporting practices.

The bank’s process control and monitoring capabilities have also been significantly enhanced by TCS Bancs’ dynamic and visual dashboards, says the central bank.

TCS adds that it conforms to open banking standards and integrates with ancillary solutions and a partner ecosystem.