Information technology (IT) services major Tata Consultancy Services (TCS) on Monday said that Dubai headquartered financial services group Emirates NBD has deployed a centralised international payments hub for multiple entities, operating on financial payment solution TCS BaNCS for payments.
Emirates NBD selected TCS BaNCS for payments to streamline operations across its business in Singapore, India, United Arab Emirates, and the United Kingdom, according to a statement.
In India, the solution will process domestic payments over real-time gross settlement (RTGS) and national electronic funds transfer (NEFT), while in UAE, at Emirates NBD and Emirates Islamic Bank, it will manage international payments as well as fund transfer system (FTS) for domestic clearing.
Apart from the listed countries, the bank has operations in Egypt, Turkey, the Kingdom of Saudi Arabia, Austria, Germany, Russia and Bahrain with about 944 branches.
TCS BaNCS is a digital and cloud software platform for financial services firms. According to the company, its enterprise payments hub offers multi-entity, currency, and country capabilities. The solution also provides direct debit and credit transfers, including domestic and international variations, on a single platform.
Last year, TCS deployed its cloud-based banking solutions platform to facilitate the digital transformation of Voyager Alliance Credit Union, a Manchester-based co-operative institution offering financial services. Around the same time, it signed a digital transformation deal with Qatar-based QNB Bank, one of the largest banks in the Middle Eastern region.