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Success Story

First National Bank Expands Portfolio

TCS BaNCS enables flexible product management and reduces time-to-market.

 
Client
First National Bank
Industries
Banking
Service
Payments

Challenge

FNB sought to enhance its nostro accounts and payments offering.

As a leading South African financial institution, First National Bank (FNB) found it difficult to meet customer demands for foreign currency and Nostro account services. It was imperative that the bank diversify its international banking offerings portfolio. It needed to reengineer existing processes and implement a solution capable of interacting with several external agencies and providing multi-channel support. First National Bank chose TCS BaNCS for Payments for this financial accounting and MIS transformation initiative.

Solution

FNB implements TCS BaNCS for Payments and enhances service quality.

FNB implemented TCS BaNCS for Payments – an integrated, centralized payments processing hub. Built on a service-oriented-architecture (SOA), the solution enabled:

  • Comprehensive coverage of payment products, such as low- and high-value payments, direct debit, cheques, among others

  • High level of Straight-Through-Processing (STP) rate

  • Implementation of specific business functionalities with well-conceptualized, coarse-grained components

  • Defined payment products with well-designed workflows

  • Rapid integration (using an in-built service integrator) with new payment streams and corresponding messages through XML-based setups, file-based, and/or standardized message exchanges

  • Cash management capabilities such as sweeping and notional pooling

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Benefits

FNB improves payments processing and redefines international banking practices.

FNB was able to improve:

  • SWIFT-based intra-day cash reporting

  • Quality of SWIFT-based account statements

  • Configurability of pricing rules

  • Compliance with regulatory mandates

  • Liquidity view and reduce risks with real-time interfaces

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