TCS to roll out payment solutions platform BaNCS in US

Mumbai-based information technology services provider Tata Consultancy Services (TCS) is set to roll out its real-time payments solution platform in multiple markets including the US.

TCS BaNCS (bank assessment for non-point source consequences of sediment) for Payments is a cloud-native platform which can facilitate digital payments across the world in a variety of currencies, an official statement said.

TCS BaNCS for Payments will also be available soon in Middle-east and Africa, the statement said.

The payments processing platform is also functionally ready for domestic and cross-border real-time payments in the international markets of the UK, Sweden and Malaysia. 

TCS BaNCS is a cloud-based platform offering a variety of solutions for banks, capital markets, insurance services and blockchain processes. It is capable of integrating payments from several platforms and comes with an analytics interface which can provide insight into customer behaviour. 

The payments solution under the TCS BaNCS platform will help financial institutions improve customer experience and bolster the digital transformation journeys of enterprises, the statement said.

Harnessing frontier technologies such as artificial intelligence and machine learning, the solution facilitates automation with its zero-touch approach.

“The TCS BaNCS real-time payments solution will help our customers by leveraging new ecosystems, become more agile, fuel innovation and pursue new business models and succeed in a Business 4.0 world,” said Venkateshwaran Srinivasan, head, Tata Consultancy Services Financial Solutions. 

TCS BaNCS for Payments, a SWIFT (Society for Worldwide Interbank Financial Telecommunication Code)-certified payments platform, has processed payments in over 25 countries and is capable of supporting over 40 clearing systems. 

Recent developments on TCS BaNCS solutions platform

In May, TCS BaNCS was deployed in Canada. The platform has been integrated with TCS’ Quartz Gateway that helps with payment processing on blockchain platforms.

In July, TCS completed the initial stage of the deployment of BaNCS for Scottish Widows, the life insurance and pensions arm of London-based Lloyds Banking Group. 

Sweden-based Länsförsäkringar Bank implemented the BaNCS solutions platform to drive its digital transformation journey and improve customer experience.