Tata Consultancy Services (TCS) has announced a significant achievement in its partnership with Banque Saudi Fransi (BSF). Using TCS BaNCS for Payments, BSF, a leading bank in the Kingdom of Saudi Arabia (KSA), has successfully transformed its domestic and international real-time payments processing. This milestone marks a key step in BSF’s digital transformation and core banking modernization program.

BSF chose TCS BaNCS to streamline and digitise its IT landscape across deposits, lending, and payments, with the goal of becoming a modern, innovative, and customer-centric bank in the region.

Through this transformation, TCS BaNCS for Payments allowed the bank to centralize and standardize its operations for both domestic and international payments. The new system ensures that data is centralized and secure, enabling BSF to pre-validate transactions in real-time. This enhancement has resulted in a nearly doubled straight-through-processing rate and faster transactions.

The microservices architecture of TCS BaNCS has empowered BSF to offer real-time, frictionless payment services to its clients. It also enables the bank to efficiently scale its systems to accommodate the increasing transaction volumes in an economy that operates around the clock throughout the year. Moreover, the solution provides a vast repository of out-of-the-box APIs that can be exposed to third-party providers, reinforcing BSF’s strategy to be a local leader in open banking and Banking-as-a-Service, delivering multiple benefits to its clients. This new solution has played a pivotal role in helping BSF enhance customer experiences, respond more effectively to clients’ evolving needs, and continuously innovate while adapting seamlessly to market changes.

Additionally, TCS BaNCS’ future-proof digital core and Saudi market-ready functionality will facilitate BSF in launching new product lines. The solution’s ISO20022 compliance will also ensure that BSF easily adheres to CBPR+ guidelines according to the timeline defined by SWIFT. Furthermore, by adopting TCS BaNCS for Payments, BSF has become an early adopter of the regional GCC-RTGS Payments Clearing, which enables its customers to efficiently send and receive money to GCC countries through this innovative payment clearing scheme.

TCS Financial Solutions global head Venkateshwaran Srinivasan said: “We are happy to announce the successful deployment of TCS BaNCS for Payments at Banque Saudi Fransi. As digital payments continue to gain momentum in Saudi Arabia, its progress will be dependent on strong and resilient payment infrastructures, including the enhancement of existing systems.

“TCS BaNCS has been powering payments transformation for leading banks worldwide, including the KSA 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.”

TCS BaNCS solutions are designed with a “Digital First, Cloud First” philosophy, aiming to provide a modern platform for the banking and financial industry in today’s digital world. Among its offerings, TCS BaNCS for Payments stands out with its comprehensive capabilities, catering to multiple entities, currencies, and countries. The solution covers the entire value chain of payment processing, including order management, clearing, and settlement.

TCS BaNCS for Payments encompasses a wide range of products, such as credit transfers, which includes domestic, real-time, and international variations, allowing seamless and efficient movement of funds. The solution also supports direct debit functionality, providing a convenient and streamlined process for recurring payments.

With TCS BaNCS for Payments, banks and financial institutions can harness the power of a unified platform, simplifying their payment operations and offering enhanced services to their customers. The solution’s digital and cloud-based architecture ensures scalability, flexibility, and adaptability, enabling institutions to stay ahead in the rapidly evolving digital landscape of the financial industry.