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TCS BaNCS™ Launches Real-time Payments Solution in Multiple Markets to Fuel lnnovation and Enable New Business Models

Posted On: 2019-09-23 15:34:04

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, has announced the launch of its Real-time Payments solution in multiple markets, as part of TCS BaNCS™ for Payments, to help customers in their digital transformation journey.

With the TCS BaNCS Real-time Payments solution, financial institutions can offer instant payments in their home countries as well in international markets. The solution is API enabled for the open banking environment and its modern technology stack can integrate payments from several platforms, increasing efficiency and eliminating friction in the process. Its integrated analytics provide key insights into customer behaviors that can be used for personalization and product innovation.

The TCS BaNCS Real-time Payments solution has already been adopted by leading financial institutions across the world, and is helping them launch new offerings that enhance end-user experience, deepen existing customer relationships, tap into new segments, and build competitive differentiation.

With data and process models based on ISO20022 standards, the solution is functionally ready for domestic and cross-border real-time payments in the UK, Europe (SEPA Insta), Sweden (Swish), lndia (IMPS & UPI) and Malaysia (RPP). It will soon be available in Canada, the US, and Middle East and Africa in alignment with the roadmap for real-time payments in each region.

The solution's cloud native architecture eases system deployment and integration, provides greater scalability, speed, and security while optimizing operating costs. Further, an AI/ML-enabled zero touch approach reduces risk and enhances productivity.

"The industry is witnessing a broader trend towards hyperconnectivity, which places huge emphasis on value creation by tapping into new ecosystems," said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. "The TCS BaNCS Real-time Payments solution will help our customers by leveraging new ecosystems, become more agile, fuel innovation and pursue new business models and succeed in a Business 4.0™ world."

The Real-time Payments solution is an advanced offering of TCS BaNCS for Payments, a future-proof solution designed on ISO20022-based data and process models, packed with cutting edge features such as open APIs, that forward thinking customers seek to achieve their growth and transformation objectives. With a track record of processing international payments in 25 countries and supporting over 40 clearing systems, TCS BaNCS for Payments is a SWIFT certified and SWIFT gpi ready solution that supports payment processing across multiple geographies, entities and currencies.

Source: Equity Bulls

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