Tata Consultancy Services’ Payments Solution Enables Greater Agility in Adopting ISO20022, Real-time Payments and Overlay Payment Services
TORONTO | MUMBAI, May 15, 2019: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) a leading global IT services, consulting and business solutions organization, announced the launch of TCS BaNCS for Payments in Canada to help banking and financial institutions accelerate adoption of Payments Canada’s Modernization initiatives to enhance their global competitiveness, and deliver a next-generation payments experience to their customers.
TCS BaNCS for Payments is a proven payments processing solution, currently available in 25 markets, including the US, UK, Europe, MEA, APAC and Africa. TCS is launching this solution in the Canadian market to help financial institutions adopt ISO20022, real-time payments and leverage payment overlay services rapidly to deliver differentiated customer experiences, while complying with Canadian banking and data privacy regulations. The solution can be deployed on the cloud or on premise based on the customer's preference.
TCS BaNCS for Payments is an integrated solution, natively built on ISO 20022 standards, with extensive end-to-end, multi-product/ multi-rail payment processing capabilities. The solution is built on a modern architecture that enables easy integration with customer channels, internal systems, market infrastructure and ecosystems, leveraging API-driven capabilities to create a differentiated digital experience.
TCS BaNCS for Payments is a SWIFT Ready and SWIFT gpi Ready certified solution and supports real-time payment processing across multiple geographies, entities and currencies. It also offers unified monitoring of operations, integrated Management Information Systems (MIS), payments analytics, real-time visibility for cross-rail limits, and integrated liquidity, AML and fraud monitoring. Integrated with the TCS’ Quartz Gateway, this solution enables processing of payments on blockchain platforms and ecosystems seamlessly, thereby future-proofing financial institutions.
“We are extending our globally proven TCS BaNCS for Payments solution to financial institutions in Canada and reinforcing the pivotal role we play in their ongoing transformation journeys, aligned with the Payments Canada Modernization. Our investments in staying ahead of the curve, in adopting new standards like ISO 20022 or leveraging industry innovation like SWIFT gpi, clubbed with our infrastructure initiatives, makes us key enablers of growth and transformation," said R Vivekanand, Co-Head, TCS Financial Solutions.
“Canadian enterprises are looking for greater agility and flexibility to cater to their customer needs in the evolving payments space by exploiting newer payment rails and overlay payment services. TCS has been investing in building cloud-based payments solutions and an Agile-ready workforce to cater to the evolving future needs of the banking sector and the Canadian industry at large,” said Soumen Roy, Country Head, TCS Canada.
With Canadian roots that reach back over 27-years, TCS has developed its solid reputation in Canada by channeling its global capabilities into unique innovative solutions for the region. TCS has consistently introduced new products and services that align with the country’s evolving needs and help customers differentiate themselves in Canada and on the world stage.
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: http://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 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, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has more than 424,285 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion for year ended March 31, 2019 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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Anjana Srikanth – Head, Marketing, TCS Financial Solutions
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