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A bank in a hypergrowth market transforms its payment landscape with the help of TCS BaNCS, leading to an award-winning implementation story that delivers auto-scaling capabilities to meet transaction volume demands.
When a rush of payments on a specific rail were routed through a next-generation bank in India’s core banking system, the core banking system itself became a bottleneck, leading to service outages impacting the availability of payment services to customers.
What did the bank do?
It adopted a novel approach of processing payments using cloud-native microservices designed to scale payment rail-wise and payment product-wise.
Read below to know more.
Across the world, key decision makers in banks are planning the future of their organization and taking the decisions to chart their right path.
How then do they achieve the desired outcomes? Let's meet one of them and find out.
What's a different, focused approach to transforming a banking system for a major bank?
A new-generation bank in India led this discovery.
India, in the last decade, has launched several ambitious initiatives to promote digital identity, financial inclusion, and mobile access. These efforts earned the country a global leadership position in digitalization, including triple-digit year-over-year hypergrowth in digital payments.
Shashank Mishra, the CTO of this bank, was faced with a unique problem, which he brought to TCS.
When a rush of payments on a specific rail was routed through the bank’s legacy core banking system, the core banking system itself became a bottleneck, leading to service outages impacting the availability of payment services to customers.
Shashank realized that the hypergrowth phenomenon was related to digital payments volumes alone rather than the number of customers or accounts. Moreover, these payments volumes were highly variable with peak days requiring up to twice the capacity of non-peak days.
What his payment solutions required were the flexibility to scale up and down on demand in a way that alleviated the increasing pressure on the core banking system. The TCS banking solution proposed by TCS involved transforming the payment processing architecture alone at the bank. This was a novel approach of processing payments using cloud-native microservices designed to scale payment rail-wise and payment / product-wise. The payment solution from TCS BaNCS deployed on a microservices architecture and the cloud connects to multiple payment rails including NEFT clearinghouse payments, RTGS wires, and IMPS real-time payments. Each of these payment channels can be scaled up and down independently to accommodate the changes in payment volumes. Needless to say, customer experience levels increased for the bank with this approach. Shashank’s team of managers is now able to market new products in significantly less time. As the consumption and related costs are linked to volumes while costs are reduced during off-peak windows, the bank retains the capacity to meet increased volumes on demand. This solution is widely recognized by the global payments industry as a model for a targeted technology deployment that avoids the immediate need for a core banking upgrade. It also demonstrates the benefits of microservices as a foundation for next-generation banking. The customer and the bank we described here stand out for their vision and the path they chose to transform their bank. They have benefited from TCS BaNCS’ next-generation digital core and advanced depth and breadth of functionality.
The solution’s microservices-based cloud-native architecture and a rich catalogue of APIs are helping them innovate and drive their digital strategy, identify new business opportunities, and grow their footprint across the regions they operate in.
Disclaimer: Name and persona mentioned in this case study are fictitious and are for illustrative purposes only. No association with any real name, person, role, or places is intended or should be inferred.
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