The IT major announced that TCS BaNCS for Market Infrastructure has been selected by South African Bankers Services Company Proprietary (BankservAfrica) to drive the Rapid Payments Program (RPP), in South Africa.
RPP is a significant national initiative to introduce a next-generation, easy to use, real-time retail payments system for the growing payments ecosystem in South Africa. It aims to introduce instant payments, usage of proxy resolution for easier addressability, and the ability to initiate payments using a request-to-pay.
BankservAfrica selected the TCS BaNCS for Market Infrastructure solution to create a modern, open central payments infrastructure to realize its vision for real-time payments and unlock innovation across multiple industries in the country.
The TCS BaNCS for Market Infrastructure solution will provide Bankserv with an ultra-high performance, low latency and scalable solution to meet the needs of RPP. Additionally, by leveraging TCS' innovative Quartz Smart Ledgers for proxy resolution, built on a decentralized/ distributed architecture, BankservAfrica's customers will benefit from a secure, real-time and scalable solution for account information. The Quartz KYC/ AML solution will provide real-time fraud management capabilities to facilitate transaction screening and monitoring.
R Vivekanand, co-head, TCS Financial Solutions, said: "TCS BaNCS has seen wide adoption and success in the South African financial services industry, with the country's top 8 financial institutions and the South African Depository running on our solutions. As BankservAfrica looks to set new standards for realtime payments and financial inclusion in South Africa, TCS BaNCS for Market Infrastructure will help create a modern, high-performance, open central payments infrastructure. We are happy to be a partner in this exciting purpose-led transformation and are committed to delivering innovative solutions leveraging TCS BaNCS and Quartz in the country."
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TCS BaNCS for market infrastructure supports clearing and settlement for exchanges, CSDs, CCPs and central banks. With its ability to support multiple markets, currencies, and asset classes on the same platform, it has been a key catalyst in driving transformation in many markets worldwide.
TCS Financial Solutions is a strategic business unit of TCS. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS.
TCS is an IT services, consulting and business solutions organization. The IT major reported 16.4% rise in consolidated net profit to Rs 8,701 crore on a 4.7% increase in revenue to Rs 42,015 crore in Q3 December 2020 over Q2 September 2020.
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