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.
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