Sep 16, 2020, 11:20 EST
Bronx, United States, Sep 16, 2020, 11:20 /Comserve / -- Leading IT service, consulting, and business solutions company, TCS Consultancy Services has announced on Monday that a leading financial service provider in the Middle East region
Dubai and Mumbai, September 15, 2020: Leading IT service, consulting, and business solutions company, TCS Consultancy Services has announced on Monday that a leading financial service provider in the Middle East region, Emirates NBD has successfully deployed a consolidated international payment center for various organizations running on TCS BaNCSTM for Payments.
Located in the MENAT region, Emirates NBD is a leading banking group with a total asset of AED 694 billion (equivalent to around USD 189 billion) as of June 30, 2020. The Bank has a major retail banking presence in the UAE and is a key player in the global digital banking market with 94% of all its financial transfers and inquiries made outside of its subsidiaries.
The new TCS BaNCSTM enterprise payments hub implemented by Emirates NBD would enable the bank to boost its digital customer experience and introduce new innovative services and payments products, such as SWIFT for Corporates, Egypt – RTGS, GCC-RTGS (KSA, UAE), IPI, and GPII Certification, among others. Additionally, it would help to strengthen and centralizes the bank’s payment processing system across various countries.
The new solution has been deployed in six countries including India, Singapore, U.K, and the UAE, for making foreign payments. The solution which supports multi-currency will process domestic payments in India through NEFT and RTGS while in UAE, it will handle international payments and FTS (for domestic clearing) at Emirates Islamic Bank, and Emirates NBD.
Abdulla Qassem, the Group Chief Operating Officer of Emirates NBD, expressed his happiness over the implementation of the TCS BaNCSTM payments system. He believes that the transformation would help to enhance the bank’s efficiency in processing the payments and would also enable Emirates NBD to expand its product portfolio and leverage TCS BaNCS APIs, thus ensuring brand experience to the customers.
Earlier in May 2020, Continental Bank, headquartered in Salt Lake City in Utah selected TCS BaNCS™ cloud system to offer a unified SaaS-based digital banking application to its customers. The same year, Banque Saudi Fransi deployed TCS BaNCS™ global banking platform to leverage and expand its customer experience. On September 26, 2019, the Manchester-based Voyager Alliance Credit Union also announced that it had chosen TCS BaNCS™ cloud to improve its core banking system and enable faster payments on the platform.
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