Tata Consultancy Services’ Solution Centralizes and Standardizes Domestic and International Payments Processing at One of the Largest Banks in KSA
RIYADH | MUMBAI, July 17, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS)) announced that its customer, Banque Saudi Fransi (BSF), has successfully transformed its domestic and international real-time payments processing using TCS BaNCS™ for Payments. This represents a key milestone in the bank’s digital transformation and core banking modernization program.
BSF, one of the leading banks in the Kingdom of Saudi Arabia (KSA), selected TCS BaNCS to simplify and digitize its IT landscape across deposits, lending and payments, and enhance its position as a modern, innovative and experience-focused bank in the region.
As part of this transformation, the bank leveraged TCS BaNCS for Payments to centralize and standardize its operations across domestic and international payments. With data centralized and secure in the new system, the bank can pre-validate transactions in real-time, nearly doubling the straight-through-processing rate and speeding up transactions.
The TCS BaNCS solution’s microservices architecture is helping the bank provide real-time, frictionless payment services to its clients and scale systems to match increasing transaction volumes in an economy that works round the clock, all year round. A large repository of out-of-the-box APIs can be exposed to third-party providers, strengthening BSF’s strategy to be a local leader in open banking and Banking-as-a-Service by offering clients its numerous benefits. The new solution is helping BSF deliver a superior customer experience, be more responsive to clients’ growing needs, and innovate while seamlessly adapting to market evolution.
The TCS BaNCS solution’s future-proof digital core and Saudi market-ready functionality will help BSF roll out new product lines, while its ISO20022 compliance will enable it to easily comply with CBPR+ guidelines as per the timeline defined by SWIFT. With TCS BaNCS for Payments, the bank is now an early adopter of the regional GCC-RTGS Payments Clearing, enabling its customers to send and receive money to GCC countries through this innovative payment clearing scheme.
Thamer Yousef, COO, Banque Saudi Fransi, said, “The Middle East is one of the fastest-growing real-time payments markets globally, and Saudi Arabia is leading this growth, paving the way for financial prosperity. The successful deployment of TCS BaNCS for Payments as part of our larger enterprise-wide transformation program reflects our commitment to supporting payments innovation in the region. All real-time payments and collections, including international payments through SWIFT, will now be done through TCS BaNCS. The solution’s rich set of APIs will help us maximize flexibility and connectivity, and enrich value-added services around payments, empowering us to adopt any new evolution in this area rapidly.”
Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions, TCS, said, “We are happy to announce the successful deployment of TCS BaNCS for Payments at Banque Saudi Fransi. As digital payments continue to gain momentum in Saudi Arabia, its progress will be dependent on strong and resilient payment infrastructures, including the enhancement of existing systems. TCS BaNCS has been powering payments transformation for leading banks worldwide, including the KSA and GCC, and this go-live at BSF is testimony to our functionally rich solution designed on best-in-class technology, high levels of scalability, certified readiness for SWIFT standards, and TCS’ ability to deliver large digital transformation programs successfully.”
TCS BaNCS solutions are built on the Digital First, Cloud First philosophy with the outcome being a modern platform in the banking and financial industry in a digital world. TCS BaNCS for Payments offers multi-entity, -currency, and -country capabilities covering the complete value chain, including order management, clearing and settlement. It provides products like credit transfers, including domestic, real time and international variations, direct debit on a single platform. The future-proof solution is designed on ISO20022-based data and process models and includes all the cutting-edge features that forward thinking customers seek from a modern product, including real time payments and open APIs. TCS BaNCS is certified with the SWIFT Ready, SWIFT GPI Ready label for the payments market.