Tata Consultancy Services (TCS), one of the leading global IT services, consulting and business solutions organization, announced the release of TCS BaNCS for Payments V12 at SIBOS 2018.
The latest version, certified SWIFT gpi-ready, has been launched to help banks unleash greater agility, innovation and transparency across the payments value chain.
“By embracing SWIFT gpi, TCS customers can now send and receive payments with speed, transparency, and end-to-end tracking,” said Thierry Chilosi, Marketing Director - gpi Customer Success, SWIFT. “As TCS BaNCS is one of the first few applications certified on gpi, TCS customers will now benefit from quick and cost effective implementation, as well as dramatically improved end-client experiences.”
“Payments is an area of massive innovation and disruption today. TCS BaNCS for Payments has been consistently ahead of the curve, be it for SEPA compliance or ISO 20022 readiness. In addition to straight through processing, real time payments capability and a comprehensive set of APIs, TCS BaNCS supports SWIFT gpi, which has the potential of transforming cross-border payments,”said R Vivekanand, Vice-President and Co-Head, Financial Solutions, TCS.
With these capabilities, banks will be able to meet customer demand for faster and smarter payments, gain the ability to evolve newer business models in the larger ecosystems they operate in, and make themselves less vulnerable to disintermediation, he added.
The TCS BaNCS payments solution is built on ISO20022 standards and enables high rates of Straight-Through Processing. The solution supports payments clearing for multiple countries and is market ready for key developments unfolding in payments processing, such as real-time payments for domestic transfers, and SWIFT gpi for international transfers.
TCS BaNCS has been certified as SWIFT Ready for Payments for almost ten years now, and is among the first few solutions to be certified SWIFT gpi-ready.
Banks as well as their customers stand to gain significantly from the latest version of TCS BaNCS for Payments with its SWIFT gpi support.
Banks benefit from a more elaborate real time view of movements on their nostro positions, leading to better decision making and assessment of the health and efficiency of the overall payments network of the bank, while the banks’ customers can now track their cross-border payments in real time, enabling better and more efficient management of cash and liquidity across multiple markets and time zones.