TCS BaNCS, the financial solutions platform of IT services major Tata Consultancy Services (TCS), is set to help South African Bankers Services Company Proprietary, also known as BankservAfrica, drive the Rapid Payments Programme (RPP).
RPP is a national initiative to introduce a next-generation, easy-to-use, real-time retail payments system in South Africa. RPP aims to set up instant payments and the usage of proxy resolution for easier addressability, and the ability to initiate payments using a request-to-pay.
BankservAfrica selected TCS BaNCS to roll out a market infrastructure solution to create a modern, open central payments infrastructure to enable real-time payments and unlock innovation across multiple industries in the country, a statement said.
Additionally, by leveraging TCS’ innovative Quartz Smart Ledgers for proxy resolution, built on a decentralised/ distributed architecture, BankservAfrica’s customers are expected to benefit from a secure, real-time and scalable solution for account information.
The Quartz KYC/AML solution claims to provide real-time fraud management capabilities to facilitate transaction screening and monitoring.
“Following our rigorous selection process, TCS BaNCS emerged as the natural fit, matching our key criteria for fit-for-purpose and ability to deliver. In addition to having the best technology stack, they have had major success for innovating in India’s payments ecosystem and will no doubt support us in bringing some of this experience to South Africa. This comes at a time where economic recovery is critical and the industry needs to catch up to the digital changes in the economy,” Jan Pilbauer, CEO, BankservAfrica, said.
“TCS BaNCS has seen wide adoption and success in the South African financial services industry, with the country’s top eight financial institutions and the South African Depository running on our solutions,” R Vivekanand, co-head, TCS Financial Solutions, said.
In October 2020, TCS BaNCS signed a contract with Australian neobank Volt to help it expand payment offerings. Around the same time, Myanmar-based KBZ moved its insurance entities -- KBZ MS General Insurance and KBZ Life Insurance -- to the TCS BaNCS insurance platform.