Indian IT firm Tata Consultancy Services (TCS) has introduced its Real-time Payments solution in several markets.
The new offering, rolled out as part of TCS BaNCS for Payments, will enable financial institutions to offer instant payments services.
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The API-enabled solution is designed for the open banking environment and is capable of integrating payments from multiple platforms to boost efficiency.
Based on ISO20022-based data and process models, the instant payment solution exhibits a cloud native architecture to simplify integration. Additionally, it utilises an AI/ML-enabled zero touch approach to improve productivity and security.
The TCS BaNCS Real-time Payments solution leverages integrated analytics to provide its clients with deeper customer insights. Such data can be used by the financial institutions to support product development and personalisation.
TCS noted that several financial institutions have already adopted the solution to improve end-user experience and explore new segments. It can be used to carry out domestic and cross-border real-time payments in the UK, Europe, Sweden, India, and Malaysia.
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By GlobalDataEventually, it will also be launched across the US, Canada and the Middle East and Africa regions.
TCS Financial Solutions head Venkateshwaran Srinivasan said: “The industry is witnessing a broader trend towards hyperconnectivity, which places huge emphasis on value creation by tapping into new ecosystems.
“The TCS BaNCS Real-time Payments solution will help our customers by leveraging new ecosystems, become more agile, fuel innovation and pursue new business models and succeed in a Business 4.0 world.”
