New Release of TCS BaNCS for Payments to help Banks Unleash Innovation, Speed and Transparency
TCS launches TCS BaNCS for Payments V12 at SIBOS 2018; certified SWIFT gpi-ready, helps banks deliver greater speed and transparency across the payments ecosystem
SYDNEY | MUMBAI, October 22, 2018: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced the release of TCS BaNCS for Payments V12 at SIBOS 2018. The latest version, certified SWIFT gpi-ready, has been launched to help banks unleash greater agility, innovation and transparency across the payments value chain.
“By embracing SWIFT gpi, TCS customers can now send and receive payments with speed, transparency, and end-to-end tracking,” said Thierry Chilosi, Marketing Director - gpi Customer Success, SWIFT. “As TCS BaNCS is one of the first few applications certified on gpi, TCS customers will now benefit from quick and cost effective implementation, as well as dramatically improved end-client experiences.”
“Payments is an area of massive innovation and disruption today. TCS BaNCS for Payments has been consistently ahead of the curve, be it for SEPA compliance or ISO 20022 readiness. In addition to straight through processing, real time payments capability and a comprehensive set of APIs, TCS BaNCS supports SWIFT gpi, which has the potential of transforming cross-border payments,” said R Vivekanand, Vice-President and Co-Head, Financial Solutions, TCS. “With these capabilities, banks will be able to meet customer demand for faster and smarter payments, gain the ability to evolve newer business models in the larger ecosystems they operate in, and make themselves less vulnerable to disintermediation.”
The TCS BaNCS payments solution is built on ISO20022 standards and enables high rates of Straight-Through Processing. The solution supports payments clearing for multiple countries and is market ready for key developments unfolding in payments processing, such as real-time payments for domestic transfers, and SWIFT gpi for international transfers.
TCS BaNCS has been certified as SWIFT Ready for Payments for almost ten years now, and is among the first few solutions to be certified SWIFT gpi-ready. Banks as well as their customers stand to gain significantly from the latest version of TCS BaNCS for Payments with its SWIFT gpi support. Banks benefit from a more elaborate real time view of movements on their nostro positions, leading to better decision making and assessment of the health and efficiency of the overall payments network of the bank, while the banks’ customers can now track their cross-border payments in real time, enabling better and more efficient management of cash and liquidity across multiple markets and time zones.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: https://www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organisation that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognised as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 411,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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