Middle Eastern finance group Emirates National Bank Dubai (NBD) has deployed a centralized international payments hub on Tata Consultancy Services' TCS BaNCS For Payments, according to a press release, which will help to boost payments in numerous countries across the world.
Emirates NBD chose to work with TCS BaNCS for Payments as part of a larger initiative to transform payments across the six countries where it operates, the release says. The new solution is being used in Singapore, India, United Arab Emirates and United Kingdom.
Meanwhile, in India, the solution will also process domestic payments over RTGS and NEFT. In the UAE, the new system will manage international payments alongside FTS for domestic clearing.
The use of TCS BaNCS for Payments boosts the payment processing infrastructure across multiple countries, according to the release. It will also help to launch new services and payments processes such as SWIFT for Corporates, along with new market innovations coming up in real-time clearing including GCC-RTGS (KSA, UAE), IPI and Egypt – RTGS. The GPII certification is set to be enabled for every entity in need.
Emirates NBD Chief Operating Officer Abdulla Qassem said the payments world's quick, ever-evolving nature made it necessary to move forward with new ways of staying at the forefront of processing payments.
"We embarked on a payments transformation program last year with TCS BaNCS and have now deployed a modern hub-based payments infrastructure to help us deliver solutions in line with our customer expectations," he said, according to the release. "The solution has moved our payments operations internally for standardized, scalable and centralized processing along with the capability to adopt new market evolutions in clearing, including SWIFT for Corporates."
Venkateshwaran Srinivasan, head of TCS Financial Services, said the program "provides a platform for agility and enhanced efficiency in payments processing," and has new levels of standardization and process harmonization across numerous regions.
Miguel Rio Tinto, CIO at Emirates NBD, recently told PYMNTS that banks should be viewed as technology companies, and that they should look toward innovating with much quicker methods of developing, releasing and integrating finance-related tech.
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