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Emirates NBD Transforms its International Payments Operations with TCS BaNCS™

Posted On: 2020-09-13 23:53:48


Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced that Emirates NBD, the Middle East's leading financial services group, has successfully deployed a centralized international payments hub for multiple entities, running on TCS BaNCSTM for Payments.

Emirates NBD had selected TCS BaNCS for Payments as part of its vision to transform payments processing across all its entities covering six countries. The solution is now being used for international payments in Singapore, India, United Arab Emirates and United Kingdom. In India, the solution will also process domestic payments over RTGS and NEFT, while in UAE, at Emirates NBD and Emirates Islamic Bank, it will manage international payments as well as FTS for domestic clearing.

The TCS BaNCS Enterprise Payments Hub centralizes and strengthens the bank's payments processing infrastructure across countries. This modern, high-performing solution enhances the digital experience for customers and simplifies the bank's IT landscape. In addition, it will enable the bank to launch new innovative services and payments products such as SWIFT for Corporates, and adopt upcoming market innovations in real-time clearing such as GCC-RTGS (KSA, UAE), IPI, and Egypt - RTGS, while also enabling GPII Certification for all its entities.

Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, said, "The payments space is fast becoming a strategic, value-adding proposition with products, technology solutions and clearing capabilities converging the world over. We embarked on a payments transformation program last year with TCS BaNCS and have now deployed a modern hub-based payments infrastructure to help us deliver solutions in line with our customer expectations. The solution has moved our payments operations internally for standardized, scalable, and centralized processing along with the capability to adopt new market evolutions in clearing, including SWIFT for Corporates."

"We are happy that TCS BaNCS for Payments has gone live on schedule at Emirates NBD. This transformational program provides a platform for agility and enhanced efficiency in payments processing and also allows Emirates NBD to innovate and expand their service offerings leveraging TCS BaNCS APIs. The installation is a true showcase of TCS BaNCS' multi-entity capabilities and enables greater levels of standardization and process harmonization across multiple geographies enabling Emirates NBD to provide a consistent brand experience to its customers," said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. "We are particularly pleased that a significant part of the rollout of TCS BaNCS has happened during the disruptive COVID-19 lockdowns, demonstrating the efficacy of TCS' Secure Borderless Workspaces™ operating model, which ensures business continuity for our customers."

TCS BaNCS for Payments offers multi-entity, -currency, and -country capabilities covering the complete value chain, including order management, clearing and settlement. It provides direct debit and credit transfers, including domestic and international variations, on a single platform. The future-proof solution is designed on ISO2002-based data and process models and includes all the cutting-edge features that forward-thinking customers seek from a modern banking solution, including real time payments and Open APIs. TCS BaNCS is certified as SWIFT Ready for Payments for almost ten years in a row and is among the first wave of solutions certified with a SWIFT gpi ready label.

Shares of TATA CONSULTANCY SERVICES LTD. was last trading in BSE at Rs.2373.7 as compared to the previous close of Rs. 2331.6. The total number of shares traded during the day was 174945 in over 9996 trades.

The stock hit an intraday high of Rs. 2382.65 and intraday low of 2331. The net turnover during the day was Rs. 414291783.


Source: Equity Bulls

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