Emirates NBD Transforms its International Payments Operations with TCS BaNCS™
Tata Consultancy Services’ Enterprise Payments Hub to Enable the Bank to Launch New Innovative Services and Payments Products, and Enhance Customer Experience
DUBAI | MUMBAI, September 14, 2020: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced that Emirates NBD, the Middle East’s leading financial services group, has successfully deployed a centralized international payments hub for multiple entities, running on TCS BaNCSTM for Payments.
Emirates NBD had selected TCS BaNCS for Payments as part of its vision to transform payments processing across all its entities covering six countries. The solution is now being used for international payments in Singapore, India, United Arab Emirates and United Kingdom. In India, the solution will also process domestic payments over RTGS and NEFT, while in UAE, at Emirates NBD and Emirates Islamic Bank, it will manage international payments as well as FTS for domestic clearing.
The TCS BaNCS Enterprise Payments Hub centralizes and strengthens the bank’s payments processing infrastructure across countries. This modern, high-performing solution enhances the digital experience for customers and simplifies the bank’s IT landscape. In addition, it will enable the bank to launch new innovative services and payments products such as SWIFT for Corporates, and adopt upcoming market innovations in real-time clearing such as GCC-RTGS (KSA, UAE), IPI, and Egypt – RTGS, while also enabling GPII Certification for all its entities.
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, said, “The payments space is fast becoming a strategic, value-adding proposition with products, technology solutions and clearing capabilities converging the world over. We embarked on a payments transformation program last year with TCS BaNCS and have now deployed a modern hub-based payments infrastructure to help us deliver solutions in line with our customer expectations. The solution has moved our payments operations internally for standardized, scalable, and centralized processing along with the capability to adopt new market evolutions in clearing, including SWIFT for Corporates.”
“We are happy that TCS BaNCS for Payments has gone live on schedule at Emirates NBD. This transformational program provides a platform for agility and enhanced efficiency in payments processing and also allows Emirates NBD to innovate and expand their service offerings leveraging TCS BaNCS APIs. The installation is a true showcase of TCS BaNCS’ multi-entity capabilities and enables greater levels of standardization and process harmonization across multiple geographies enabling Emirates NBD to provide a consistent brand experience to its customers,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. “We are particularly pleased that a significant part of the rollout of TCS BaNCS has happened during the disruptive COVID-19 lockdowns, demonstrating the efficacy of TCS’ Secure Borderless Workspaces™ operating model, which ensures business continuity for our customers.”
TCS BaNCS for Payments offers multi-entity, -currency, and -country capabilities covering the complete value chain, including order management, clearing and settlement. It provides direct debit and credit transfers, including domestic and international variations, on a single platform. The future-proof solution is designed on ISO2002-based data and process models and includes all the cutting-edge features that forward-thinking customers seek from a modern banking solution, including real time payments and Open APIs. TCS BaNCS is certified as SWIFT Ready for Payments for almost ten years in a row and is among the first wave of solutions certified with a SWIFT gpi ready label.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading Banking Group in the MENAT region. As of 30th June 2020, total assets were AED 694 Billion, (equivalent to approx. USD 189 Billion). The acquisition of DenizBank represents a significant milestone for Emirates NBD with the Bank expanding its presence to 13 countries, servicing over 14 million customers. The Bank is ranked among the top 20 in the Forbes’ list of the World’s Best Regarded Companies, securing a leading spot among global brands.
The Bank has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry with 94% of all financial transactions and requests conducted outside of its branches. The Bank announced the creation of E20., a digital business bank for entrepreneurs and SMEs while Liv., the lifestyle digital bank for millennials continued to be the fastest growing retail proposition in the UAE. Emirates NBD was named “UAE’s Best Bank” in 2020 for a fifth consecutive year by Euromoney. In addition, Emirates NBD received the “Excellence in Leadership in the Middle East” award, introduced this year in light of the Covid-19 impact, as a recognition of its efforts in responding to the Covid-19 crisis.
The Bank has operations in the UAE, Egypt, Turkey, the Kingdom of Saudi Arabia, India, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 944 branches and 4,262 ATMs / SDMs.
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: www.tcs.com/bancs
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 443,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, 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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