Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organization, announced that Emirates NBD, the Middle East’s leading financial services group, has successfully deployed a centralized international payments hub for multiple entities, running on TCS BaNCSTM for Payments.
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Emirates NBD had selected TCS BaNCS for Payments as part of its vision to transform payments processing across all its entities covering six countries. The solution is now being used for international payments in Singapore, India, United Arab Emirates and United Kingdom. In India, the solution will also process domestic payments over RTGS and NEFT, while in UAE, at Emirates NBD and Emirates Islamic Bank, it will manage international payments as well as FTS for domestic clearing.
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The TCS BaNCS Enterprise Payments Hub centralizes and strengthens the bank’s payments processing infrastructure across countries. This modern, high-performing solution enhances the digital experience for customers and simplifies the bank’s IT landscape. In addition, it will enable the bank to launch new innovative services and payments products such as SWIFT for Corporates, and adopt upcoming market innovations in real-time clearing such as GCC-RTGS (KSA, UAE), IPI, and Egypt – RTGS, while also enabling GPII Certification for all its entities.
Abdulla Qassem, Group Chief Operating Officer, Emirates NBD, said, “The payments space is fast becoming a strategic, value-adding proposition with products, technology solutions and clearing capabilities converging the world over. We embarked on a payments transformation program last year with TCS BaNCS and have now deployed a modern hub-based payments infrastructure to help us deliver solutions in line with our customer expectations. The solution has moved our payments operations internally for standardized, scalable, and centralized processing along with the capability to adopt new market evolutions in clearing, including SWIFT for Corporates.”
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