Tata Consultancy Services’ Market-leading Clearing Product to Support South Africa’s National Initiative for a Modern and Scalable Central Payments Infrastructure that Enables Real-time Retail Payments
JOHANNESBURG | MUMBAI, February 16, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that TCS BaNCS™ for Market Infrastructure has been selected by BankservAfrica to drive the Rapid Payments Program (RPP), a significant national initiative to introduce a next-generation, easy to use, real-time retail payments system for the growing payments ecosystem in South Africa.
RPP aims to introduce instant payments, usage of proxy resolution for easier addressability, and the ability to initiate payments using a request-to-pay. All these capabilities, along with the expansion of the payments ecosystem to banking and non-banking players, will make it easier for South Africans to make payments instantly. BankservAfrica selected the TCS BaNCS for Market Infrastructure solution to create a modern, open central payments infrastructure to realize its vision for real-time payments and unlock innovation across multiple industries in the country.
With its unique High Performance Transaction Manager (HpTM) deployed as microservices, the TCS BaNCS for Market Infrastructure solution will provide BankservAfrica with an ultra-high performance, low latency and scalable solution to meet the needs of RPP. The solution’s unified clearing approach will consolidate multiple payment rails into a single solution while offering the flexibility and configurability to cater to a differentiated payments infrastructure. Complete ISO 20022 support will enable standardization and the solution’s APIs will allow for easy integration with ecosystems and overlays, expanding the reach of payments in the country.
Additionally, by leveraging TCS’ innovative Quartz™ Smart Ledgers for proxy resolution, built on a de-centralized/ distributed architecture, BankservAfrica’s customers will benefit from a secure, real-time and scalable solution for account information. The Quartz KYC/ AML solution will 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,” said Jan Pilbauer, CEO, BankservAfrica. “With TCS’ technology, we are well-positioned to expedite the launch of a modern, easy-to-use and efficient payments platform that caters to lower value transactions at an affordable cost for the benefit of all South Africans.”
“TCS BaNCS has seen wide adoption and success in the South African financial services industry, with the country’s top 8 financial institutions and the South African Depository running on our solutions,” said R Vivekanand, Co-Head, TCS Financial Solutions. “As BankservAfrica looks to set new standards for real-time payments and financial inclusion in South Africa, TCS BaNCS for Market Infrastructure will help create a modern, high-performance, open central payments infrastructure. We are happy to be a partner in this exciting purpose-led transformation and are committed to delivering innovative solutions leveraging TCS BaNCS and Quartz in the country.”
TCS BaNCS for Market Infrastructure supports clearing and settlement for exchanges, CSDs, CCPs and central banks. Bringing in the unique ability to support multiple markets, currencies, and asset classes on the same platform, it has been a key catalyst in driving transformation in many markets worldwide. The solution's continuous focus on regulatory needs and messaging standards helps customers stay ahead of market changes and drive efficiencies in their businesses.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.
To know more about TCS BaNCS, please visit: www.tcs.com/bancs
Quartz – The Smart Ledgers
Quartz – the Smart LedgersTM, is a startup incubated by TCS, and provides foundational technology, tools and business components for creating distributed ledger solutions across varied industries. Quartz redefines how organizations can collaborate in an increasingly connected world, and leverage their collective strengths using blockchain technology. The suite comprises Smart Solutions, a set of ‘designed for blockchain’ business offerings for different industries; the Quartz DevKit, a smart contract development kit to enable programming of high quality code on multiple blockchain platforms; the Quartz Gateway for the integration of existing solutions with blockchain ecosystems; and, the Quartz Command Center that can administer and monitor entire ecosystems. Built on the core principles of Coexistence, Integration and Interoperability, Quartz enables existing systems to coexist and integrate with blockchain platforms and other messaging networks. With data masking, privacy and anonymity - the premise on which the solutions are designed - organizations can focus on enhancing their core competitive strengths in an environment of utmost security.
To know more about Quartz, please visit: https://www.tcs.com/what-we-do/products-platforms/quartz
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent AgileTM delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 469,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22 billion in the fiscal year ended March 31, 2020, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com
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