Venkateshwaran Srinivasan, vice president and head, Financial Solutions, TCS

Tata Consultancy Services (TCS) today said that Emirates NBD has chosen TCS BaNCS for Payments to standardize and streamline its payments operations across multiple geographies.

Emirates NBD is one of the leading financial services groups in the Middle East with presence in India, Egypt, Saudi Arabia, Singapore, UK and the UAE. It has representative offices in China and Indonesia.

“In an era of open, innovative and technology-driven banking globally, the payments services we provide our retail, corporate, business and transaction banking customers have gained significant prominence,” said Abdulla Qassem, group chief operating officer, Emirates NBD.

“When we embarked on our digital and IT transformation program, we chose TCS BaNCS as our core payments platform because we found it to be a future-ready solution that best supports our transformation goals – to standardize the core payments processes across our different markets, to simplify our IT payments landscape, to support the launch of innovative payments products and enhance the digital experience for our customers,” Qassem added.

TCS’ payments solution offers multi-entity and multi-currency capabilities across countries. It covers the complete value chain, including order management and clearing and settlement. Its platform supports direct debit and credit transfers, for domestic as well as international variations. The solution is designed on ISO20022-based data and process models and includes features like real-time payments and open APIs.

“In a Business 4.0TM world, financial institutions are looking for solutions that impart agility to their businesses and provide an open, connected, digital core that can accelerate ongoing digital innovation,” said Venkateshwaran Srinivasan, vice president and head, Financial Solutions, TCS.

“Payments is an exciting space in the financial services landscape where we are seeing transformational ideas powered by technology and brought to market. The selection of TCS BaNCS by a marquee institution like Emirates NBD is very special for us indeed. This partnership is a reflection of our strong commitment to the Middle East market, where several leading financial institutions use TCS BaNCS across industry segments,” Srinivasan added.

TCS BaNCS is certified with the SWIFT Ready label for the payments market and the SWIFT gpi-Ready label.

by Parnika Sokhi
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