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India’s largest IT services company has signed an agreement with MCD to enhance its depository system, aiming to transform the customer experience in Oman’s capital market.
Under the agreement, TCS will implement ‘TCS BaNCS’ for Market Infrastructure and Quartz to future-proof MCD’s operations, the company stated in a filing to the stock exchanges.
TCS BaNCS for Market Infrastructure is designed for central securities depositories (CSDs), central counterparty clearing houses (CCPs), exchanges, and central banks. It provides multi-asset CSD solutions for settlement, asset servicing, and investor support across various asset classes.MCD offers comprehensive clearing, settlement, and depository (CSD) services to market participants. With TCS’ support, MCD will introduce new services, including collateral management, central counterparty clearing, and risk management.
As part of the modernisation initiative, TCS and MCD will also collaborate on implementing Quartz solutions. The Indian IT giant will deploy state-of-the-art cloud-based and digital solutions, while Quartz Gateway will enable seamless integration between the market infrastructure solution, the stock exchange, and investors.
“Our selection stands as a testament to the success of TCS BaNCS for Market Infrastructure in delivering such programmes globally, including in the Middle East and African markets. This unique global knowledge, innovation leadership through Quartz, and commitment to the GCC (Gulf Cooperation Council) markets position us as MCD’s partner in this transformation,” said R Vivekanand, President of BFSI Products and Platforms at TCS.
Shares of TCS were trading 1.83% lower at ₹3,961.75 apiece on the BSE at 02:24 PM.
(Edited by : Shersh Kapoor)
