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TCS BaNCS for Payments to enable Emirates NBD launch new services

By Edil Corneille

September 14, 2020

  • India
  • Tcs Bancs
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TCS Bancs, logo, Tata Consultancy Services, FinTech, ITToday, Tata Consultancy Services (TCS) announced Emirates NBD’s deployment of a centralized international payments hub for multiple entities, running on TCS BaNCS for Payments. The solution was selected as part of Emirates NBD’s vision to transform payments processing across all its entities covering six countries. It 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 solution is said to enhance the digital experience for customers and simplifies the bank’s IT landscape. In addition, it will enable the bank to launch new 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 features such as real time payments and Open APIs. TCS BaNCS is certified as SWIFT Ready for Payments for almost ten years in a row and is certified with a SWIFT gpi ready label.

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