Indian IT major Tata Consultancy Services (TCS) has launched its payments processing solution TCS BaNCS for Payments in Canada.
The launch, according to the company, is aimed at helping local banking and financial institutions to fast-track the adoption of Payments Canada’s Modernization initiatives.
It will assist Canadian financial institutions in the adoption of ISO20022, real-time payments and leverage payment overlay services rapidly.
The solution can be deployed on the cloud or on premise based on the customer’s preference.
TCS Financial Solutions co-head R Vivekanand said: “We are extending our globally proven TCS BaNCS for Payments solution to financial institutions in Canada and reinforcing the pivotal role we play in their ongoing transformation journeys, aligned with the Payments Canada Modernization.
“Our investments in staying ahead of the curve, in adopting new standards like ISO 20022 or leveraging industry innovation like SWIFT gpi, clubbed with our infrastructure initiatives, makes us key enablers of growth and transformation.”
Natively built on ISO 20022 standards, the platform supports real-time payment processing across multiple geographies, entities and currencies.
The SWIFT gpi Ready certified solution offers unified monitoring of operations, integrated Management Information Systems (MIS), payments analytics, and real-time visibility for cross-rail limits.
The platform is also equipped with integrated liquidity, AML and fraud monitoring capabilities.
TCS Canada country head Soumen Roy said: “Canadian enterprises are looking for greater agility and flexibility to cater to their customer needs in the evolving payments space by exploiting newer payment rails and overlay payment services.
“TCS has been investing in building cloud-based payments solutions and an Agile-ready workforce to cater to the evolving future needs of the banking sector and the Canadian industry at large.”
Currently, TCS BaNCS for Payments is available in 25 geographies, including the US, UK, Europe, MEA, APAC and Africa.