Emirates NBD deploys new payments hub with TCS Bancs
UAE-based Emirates NBD has gone live on a new payments solution from Tata Consultancy Services (TCS).
The bank has deployed TCS Bancs for Payments to transform its processing in six different countries.
The system went live following an implementation programme kicked off in 2019.
TCS Bancs is in operation across Emirates NBD’s Singapore, India, UAE, and UK divisions.
In India, it will cover domestic payments over real-time gross settlement (RTGS) and the local National Electronic Funds Transfer (NEFT) system.
In the UAE, TCS Bancs will cover international payments and domestic clearing through the Funds Transfer System (FTS).
Emirates NBD plans to use its new system to build out an enterprise payments hub. Compatibility with the Swift for corporate treasury system is planned as standard.
Future payment systems the hub plans to support include the cross-border GCC-RTGS system and the Immediate Payment Instruction (IPI). It will build in Global Public Inclusive Infrastructure (GPII) certification for all entities.
Abdulla Qassem, group chief operation officer at Emirates NBD, says that payments technology solutions and clearing capabilities are “converging the world over”.
He adds the bank has deployed “a modern hub-based payments infrastructure to help us deliver solutions in line with our customer expectations”.
Emirates NBD is a Dubai-based and government-owned bank. Founded in 1963, it operates one of the largest banking groups in the Middle East.
The bank is undergoing an international core banking transformation. It completed the third phase, comprising its Saudi Arabia operations, in July.
Venkateshwaran Srinivasan, head of TCS Financial Solutions, says his firm is “particularly pleased” that the deployment happened successfully during the COVID-19 pandemic.
Srinivasan calls it a testament to the efficiency of TCS’s “borderless workspaces” operating model.