Mumbai-based Tata Consultancy Services (TCS) has announced the deployment of its financial payment solution TCS BaNCS for Payments in Canada. BaNCS has been deployed so far in close to 25 markets globally.
The solution will be used to help banking and financial institutions in Canada in their modernisation and digitisation initiatives. BaNCS has also been integrated with the TCS’ Quartz Gateway, which helps with payment processing on blockchain platforms and ecosystems.
The solution will more specifically be used to adopt ISO 20022, which is an International Organization for Standardization (ISO) standard for electronic data interchange between financial institutions. BaNCS will help with real-time payments and leverage payment overlay services that comply with data privacy regulations and Canadian banking laws, TCS stated in a statement.
TCS also said that the solution can be deployed on the cloud or on premises based on the preference of the customer. Some of the features of the solution include end-to-end and multi-rail payment processing capabilities. TCS also claimed that the solution can easily integrate with internal systems, customer channels, market infrastructure and use Application Programme Interfaces (APIs) for a better digital experience.
BaNCS has also been approved by the Society for Worldwide Interbank Financial Telecommunication (Swift). Swift is a provider of a network that helps financial services companies to transact globally in a secured environment.
Till date, 12 Indian banks have signed up on the Swift platform, including Federal Bank, Axis Bank, ICICI Bank, Yes Bank and state-run banks Punjab National Bank, Union Bank of India and Indian Bank, among others.
“We are extending our globally proven TCS BaNCS for Payments solution to financial institutions in Canada and reinforcing the pivotal role we play in their ongoing transformation journeys, aligned with the Payments Canada Modernization,” said R Vivekanand, co-head, TCS Financial Solutions.
Soumen Roy, head, TCS Canada, stated, “TCS has been investing in building cloud-based payments solutions and an agile-ready workforce to cater to the evolving future needs of the banking sector and the Canadian industry at large.”