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TCS BaNCS’s strong business capabilities, multi-country deployments and partner ecosystem integration cited as a critical factor that contributes to successful payment transformation initiatives
LONDON | Mumbai, December 03, 2024: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, announced that TCS BaNCS™ for Payments has been positioned as a leader in the Omdia Universe: Payments Hubs Report, 2024-2025, which evaluates vendors for their high-level capabilities expected from a payment hub product, including comprehensive payments processing, innovation and modernization and regulatory compliance.
TCS BaNCS is ranked as a market leading provider of payment hub solutions, with an impressive product roadmap, enhanced functionality and technology capabilities, giving it a high score on innovation. TCS BaNCS is ranked best-in-class for its solution breadth (96%) and core functionality (84%), including top-tier scores for broader functionality, strategy & innovation, and market momentum.
Ouliana Smith, Senior Research Analyst, Omdia, said, “According to Omdia’s Payment Technology Spending Forecast Through 2028, IT spending on payment hubs will grow strongly during 2024–28, with a CAGR of 9.7%, reaching $3.4bn by 2028. For banks, modernizing the payment infrastructure is a priority. TCS BaNCS for Payments should appear on your shortlist if you are looking to transform your payment processing or add a new capability to work with your existing systems. With the adoption of the ISO 20022 payment messaging standard, the rise of open banking, and the growing demand for instant payments, consumers and businesses expect settlement to occur in real time. TCS’ flexibility and adaptability across all tiers and segments and ability to drive a strong customer experience complements its robust and market-leading payments hub offering.”
Recognizing TCS BaNCS’ wider impact on partners and the ecosystem that complements its existing payment hub strengths, the Omdia Report highlights the TCS BaNCS Marketplace, which provides customers with access to more than 25 partner solutions in payments. TCS BaNCS’ strategic alliances through its established Global Channel Partner Program (GCPP), enable it to offer an end-to-end tailored Cloud offering, which the Report mentions as critical to innovation in a rapidly changing payments environment.
Said Venkateshwaran Srinivasan, Global Head Financial Solutions, Tata Consultancy Services, “We are happy that TCS BaNCS for Payments is ranked as a Leader in the Omdia Universe: Payments Hub report. This ranking is a testament to our offering’s breadth and depth of business capabilities that are built on the latest architecture -- cloud-native, microservices based. The Report highlights how the solution is helping banks (both retail and wholesale) provide superior customer service and experience across multiple payment types, countries and payment rails, and how it helps streamline the integration into their ecosystems through a rich set of APIs.”
Processing international payments in 30+ countries and supporting 80+ clearing systems, the TCS BaNCS solution has been recognized for its strengths in cross-border payments. A SWIFT certified application for 15+ years, it adheres to regional regulations in multiple geographies. Leveraging extensive market and reference data, the solution has been proven to have enabled best-in-class STP rates. It offers comprehensive support for multiple products like credit transfers, direct debits, cheques, real-time payments as well as blockchain-based payments. It is offered as a standalone payments solution or integrated with the TCS BaNCS Global Banking Platform to streamline banks’ processes, operations, and workflow management capabilities. TCS BaNCS for Payments can be deployed on-premise or on a private or public cloud configuration.
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