Axis Bank is one of India’s first “new-generation” private- sector banks and is one of the largest private sector bank in India, offering the entire spectrum of financial services to corporates, SMEs, agricultural and retail customers.
Since the passage of the Payment and Settlement Systems Act of 2007, the Reserve Bank of India (RBI) had issued periodic “Vision Statements” calling for increased financial inclusion with proactive movement toward expanding the scope, reach and reliability of modern payment and settlement systems.
Axis Bank had accumulated numerous silo-based applications related to payments leading to mounting operational constraints, service limitations and cost drivers. In order to keep pace in the fast-moving marketplace expanding both in size and sophistication, Axis Bank had to take quick and decisive action to effectively deploy a modern infrastructure for everything related to its customers’ payments needs.
Axis bank decided to build a centralized payment processing platform: an Enterprise Payments Hub (EPH) for the bank’s entire payment operations. In 2012, Axis Bank selected TCS BaNCS for Payments as the core technology supporting the entire EPH project.
Read how Axis Bank leveraged TCS BaNCS to build a centralized payment processing platform for the bank’s entire payment operations.