https://arab.news/znwr8
Tata Consultancy Services announced that its customer, Banque Saudi Fransi, 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, 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 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.”
Venkateshwaran Srinivasan, global head, TCS Financial Solutions, TCS, said: “TCS BaNCS has been powering payments transformation for leading banks worldwide, including Saudi Arabia 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.”