Tata Consultancy Services (TCS) announced that TCS BaNCS for Market Infrastructure has been selected by South African Bankers Services Company Proprietary Limited (BankservAfrica) to drive the Rapid Payments Program (RPP), 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.
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.
With its unique High Performance Transaction Manager (HpTM) deployed as microservices, 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. The solution’s unified clearing approach will consolidate multiple payment rails into a single solution while offering the flexibility and configurability to cater to a differentiated payments infrastructure. Complete ISO 20022 support will enable standardization and the solution’s APIs will allow for easy integration with ecosystems and overlays, expanding the reach of payments in the country.
“Following our rigorous selection process, TCS BaNCS emerged as the natural fit, matching our key criteria for fit-for-purpose and ability to deliver. In addition to having the best technology stack, they have had major success for innovating in India’s payments ecosystem and will no doubt support us in bringing some of this experience to South Africa. This comes at a time where economic recovery is critical and the industry needs to catch up to the digital changes in the economy,” said Jan Pilbauer, CEO, BankservAfrica. “With TCS’ technology, we are well-positioned to expedite the launch of a modern, easy-to-use and efficient payments platform that caters to lower value transactions at an affordable cost for the benefit of all South Africans.”
Additionally, by leveraging TCS’ innovative Quartz Smart Ledgers for proxy resolution, built on a de-centralized/ 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.
“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,” said R Vivekanand, Co-Head, TCS Financial Solutions. “As BankservAfrica looks to set new standards for real-time 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.”