January 03, 2019

Emirates NBD selects TCS BaNCS for transformation in payments

Tata Consultancy Services’ enterprise payments hub to simplify IT landscape, support innovation and enhance customer experience

Dubai | Mumbai: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organisation, announced that Emirates NBD, the Middle East’s leading financial services group, has chosen TCS BaNCS for payments as its core processing platform to standardise and streamline payments operations across multiple geographies, including India, Egypt, Saudi Arabia, Singapore, UK and their home market, the United Arab Emirates.

Outlining the rationale for their selection of TCS BaNCS, Abdulla Qassem, group chief operating officer, Emirates NBD, said, “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. When we embarked on our digital and IT transformation programme, 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 standardise 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.”

“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.”

The payments solution from TCS BaNCS offers multi-entity -currency and -country capabilities covering the complete value chain, including order management and 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 ISO20022-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 also certified with the SWIFT Ready label for the payments market and the SWIFT gpi-Ready label.