Consolidation of cross-border payments
Japan’s MUFG Bank, ranked eight largest in the world by Bloomberg, has consolidated regional payment system across multiple geographies using Tata Consultancy Services (TCS) BaNCS.
“MUFG Bank is happy that the regional payment system-based consolidation has become a reality. A project of this complexity was accomplished not only because TCS BaNCS was a strong fit to our requirements, but TCS’s delivery capability and proven methodology made collaboration across multiple geographies possible,” said a spokesperson at MUFG Bank.
TCS BaNCS has implemented a regional payments hub for MUFG Bank.
MUFG has an extensive branch network throughout Japan and fifty other countries. As part of its transformation journey, it consolidated its extensive multi-entity, multi-country, cross-border payment processing operations, which were running on an array of disparate legacy systems, onto a regional payments hub. It was powered by TCS BaNCS for Payments.
With this transformation, MUFG Bank has realised its vision to streamline all payment operations across the entire Asia-Pacific region to drive future growth, improve efficiency and lay a strong foundation to enable innovation.
“Payments is an exciting space, and a Business 4.0TM world offers opportunities aplenty for those organisations who transform their businesses and operating models to take advantage of the digital economy,” said Venkateshwaran Srinivasan, vice president and head, TCS Financial Solutions.
“This has been a transformative journey for MUFG Bank and we are proud to be partnering with them in this mission critical programme. They now have a strong platform, based on TCS BaNCS, that supports their future growth with agility and differentiation,” Srinivasan said in a statement on 20 Dec 2018.
The payments solution from TCS BaNCS offers multi-entity -currency and -country capabilities covering the complete value chain, including order management, clearing and settlement. It provides direct debit and credit transfers, including domestic and international variations, on a single platform.
The future-proof solution is designed on ISO20022-based data and process models and includes all the cutting-edge features that forward-thinking customers seek from a modern banking solution, including real-time payments and open APIs.
TCS BaNCS has been certified as SWIFT Ready for Payments for almost ten years now, and is among the first wave of solutions certified with a SWIFT global payment innovation ready label. fiinews.com
