Bank Muscat uses TCS software for fund operations

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Bengaluru, Feb 28 (IANS) Oman’s flagship financial services provider Bank Muscat began using the universal banking software product (Bancs) of Tata Consultancy Services (TCS) for its fund and investment operations, said the IT bellwether on Wednesday.

“Bank Muscat has started using our Bancs universal banking software solution for its fund and investment operations. The upgrade provides extensive capabilities for its multiple asset classes,” said the Mumbai-based IT firm in a statement here.

As technology partner, TCS will position the bank for higher growth and operational efficiency with the upgrade optimising its operational efficiency and processes.

“The new solution will enhance workflows and reduce time spent on fund and investment banking operations,” it said.

According to TCS Financial Solutions Vice President R. Vivekananda, the bank will be able to leverage improvements in cross-asset, mid-to-back-office capabilities for fund and investment banking and enhance its stature in the region.

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“The deployment reinforces our banking product’s leadership and customer footprint throughout the Gulf region,” said Vivekananda.

With $31-billion worth assets, Bank Muscat has a strong presence in corporate, retail, investment, Islamic, treasury and private banking and asset management.

The bank also has the largest network of 149 branches, 630 ATMs and 14,000 PoS (Point of Sale) terminals.

The bank’s international operations consist of a branch in Riyadh in Saudi Arabia and Kuwait and a representative Office in Dubai and Singapore.

–IANS

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