Stock Report

BankID BankAxept AS selects TCS to enhance Norway's National Payments and Electronic Identity Verification System



Posted On : 2023-09-20 11:42:30( TIMEZONE : IST )

BankID BankAxept AS selects TCS to enhance Norway's National Payments and Electronic Identity Verification System

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has entered a strategic partnership with BankID BankAxept AS, Norway's national payment and electronic identity systems, to set up and manage an operations command center that will enhance the resilience, security and availability of the country's critical financial infrastructure.

BankAxept is the national payment system in Norway, with 80% of card payments made using a BankAxept card. BankID is the Norwegian eID verification solution, with more than 90% of the country's population, banks, public institutions and commercial enterprises dependent on it. New regulations around digital identity authentication require BankID to offer users a compliant, reliable and secure electronic identity solution and 'round the clock' support.

BankID BankAxept AS chose TCS to create a new command center, for its proven experience in leading largescale growth and transformation projects for enterprise clients in the banking and financial services sector. As part of the agreement, TCS will build and manage a 24x7 operations command center at Oslo, Norway, for all BankID BankAxept AS users and clients. The new command center will enable immediate responses to any service disruption, security issues, or client requests that are related to Norway's essential national payments and electronic identity verification systems.

TCS will operate a dedicated monitoring framework at the new command center that can predict, react and prevent any issue in the value chain from impacting the wider financial services ecosystem. The framework will feature a mechanism that efficiently shares communications data with a team of experts and vendors so they can quickly identify the root cause of the problem and collaborate to resolve any issues. The command center has the capabilities to manage teams and vendors, helping to quickly resolve all disruptions, urgent security alerts or events, and can integrate value-added services from partner ecosystems.

√ėyvind Westby Brekke, CEO, BankID BankAxept AS, commented: "BankID is currently used by 4.4 million users across Norway, and BankAxept handles approximately 8 out of 10 in-store payments. Any downtime of these systems will have a severe impact on the country's public institutions, businesses and citizens. We turned to TCS as a trusted technology partner to build a mission critical command center that will quickly help us resolve any technical issues or disruption to services, and this will ensure the resilience and reliability of Norway's vital financial services infrastructure."

"We are pleased to partner with BankID BankAxept AS in their mission to enable seamless financial transactions across the nationwide ecosystem and to foster innovation. Our operations command center will enhance the security, reliability, and resilience of the national payments and electronic identification infrastructure that underpins Norway's banking and financial services ecosystem, while supporting new innovative services from ecosystem partners," said Hemakiran Gupta, Head, Banking, Financial Services & Insurance - Continental Europe, TCS. "This latest partnership in Scandinavia adds to the long list of nationally significant market infrastructure institutions across the world who view TCS as a preferred partner in their growth and transformation initiatives."

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3604.90 as compared to the previous close of Rs. 3599.85. The total number of shares traded during the day was 85875 in over 9548 trades.

The stock hit an intraday high of Rs. 3618.95 and intraday low of 3574.05. The net turnover during the day was Rs. 309509671.00.

Source : Equity Bulls

Keywords

TataConsultancyServices INE467B01029 TCS StrategicPartnership BankIDBankAxeptAS Norway NationalPayments