TCS BaNCS powers payments transformation at Saudi Arabia's leading bank, BSF; TCS stock up 1%

TCS share price: Banque Saudi Fransi (BSF), one of the leading banks in the Kingdom of Saudi Arabia (KSA), selected TCS BaNCS to simplify and digitise its IT landscape across deposits, lending, and payments

TCS BaNCS solutions are built on the Digital First, Cloud First philosophy, the company said. (Representative image. Source: Unsplash)

TCS share price: Shares of Tata Consultancy Services (TCS) were trading nearly a per cent higher in the noon deals on the BSE on Monday (July 17) at Rs 3,537.65 apiece after the company informed that its customer, Banque Saudi Fransi (BSF), has successfully transformed its domestic and international real-time payments processing using TCS BaNCS for payments.

BSF, one of the leading banks in the Kingdom of Saudi Arabia (KSA), selected TCS BaNCS to simplify and digitise its IT landscape across deposits, lending, and payments and enhance its position as a modern, innovative, and experience-focused bank in the region, TCS said in its press release.

As part of this transformation, the bank leveraged TCS BaNCS for payments to centralise and standardise its operations across domestic and international payments. With data centralised and secured 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 press release added.

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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 around 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, TCS added.

About TCS BaNCS

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, multi-currency, and multi-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, and direct debits on a single platform, the company said.

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