UAE-based banking group Emirates NBD has selected Tata Consultancy Services’ (TCS) solution to streamline payment operations across key geographies.
Under the collaboration, Emirates NBD will use TCS BaNCS for Payments as its core processing platform to standardise payments across home market, the UK, India, Egypt, Saudi Arabia and Singapore.
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The solution offers multi-entity and multi-currency capabilities throughout the complete value chain.
Designed on ISO20022-based data and process models, the TCS BaNCS provides direct debit and credit transfers, clearing and settlement services.
The solution is certified with the SWIFT Ready label for the payments market and the SWIFT gpi-Ready label.
Emirates NBD Group COO Abdulla Qassem 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.
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By GlobalData“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 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.”
TCS head of financial solutions Venkateshwaran Srinivasan said: “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.”
