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September 15, 2020

Emirates NBD taps TCS to power international payments

Dubai’s Emirates NBD has selected Indian IT major Tata Consultancy Services (TCS) as its technology partner to deploy a centralised payments hub.

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  • ESG
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  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
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Dubbed ‘TCS BaNCS Enterprise Payments Hub’, the solution runs on the IT giant’s ‘TCS BaNCS for Payments’ platform.

The TCS BaNCS for Payments platform provides order management, clearing and settlement facilities across multiple entities, countries, and currencies.

It features real-time payments and Open APIs, and offers domestic and international direct debit and credit transfers on a single platform.

TCS’ payments hub will centralise the bank’s payments processing infrastructure and boost its operations across various countries.

It will help the bank adopt real-time settlement systems like GCC-RTGS and FTS in UAE, GCC-RTGS in Saudi Arabia, RTGS in Egypt, RTGS and NEFT in India, and IPI.

TCS Financial Solutions head Venkateshwaran Srinivasan said: “We are happy that TCS BaNCS for Payments has gone live on schedule at Emirates NBD. This transformational programme 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 standardisation and process harmonisation across multiple geographies enabling Emirates NBD to provide a consistent brand experience to its customers.”

Emirates NBD chose TCS BaNCS for Payments to revamp payments processing across all its entities in six countries.

The lender currently uses this platform for international payments in Singapore, India, UAE and the UK.

Emirates NBD will also be able to roll out new payment products and services, like SWIFT for Corporates, using TCS BaNCS solution.

Emirates NBD group COO Abdulla Qassem said: “The solution has moved our payments operations internally for standardised, scalable, and centralised processing along with the capability to adopt new market evolutions in clearing, including SWIFT for Corporates.”

In May, US-based Continental Bank selected TCS to foray into the digital banking space.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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