Emirates NBD Selects TCS BaNCS for Transformation in Payments

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that Emirates NBD, the Middle East’s leading financial services group, has chosen TCS BaNCS for Payments as its core processing platform to standardize 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 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.”

“In a Business 4.0^TM 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.

About TCS Financial Solutions

TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.

To know more about TCS BaNCS, please visit: https://www.tcs.com/bancs
 

About Tata Consultancy Services Ltd. (TCS)

Tata Consultancy Services is an IT services, consulting and business solutions organisation that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognised as a benchmark of excellence in software development.

A part of the Tata group, India’s largest multinational business group, TCS has over 411,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.