TCS BaNC for Market Infrastructure has been selected by BankservAfrica to drive the Rapid Payments Program in South Africa.
Rapid Payments Program, a significant national initiative to introduce a next-generation, easy-to-use, real-time retail payments system, aims to introduce instant payments, usage of proxy resolution for easier addressability, and the ability to initiate payments using a request-to-pay. All these capabilities, along with the expansion of the payments ecosystem to banking and non-banking players, will make it easier for South Africans to make payments instantly.
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’s unified clearing approach will consolidate multiple payment rails into a single solution while offering the flexibility and reconfigurability 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.
The Quartz KYC/ AML, Smart Ledgers for proxy resolution, built on a de-centralized/ distributed architecture, solution will provide real-time fraud management capabilities to facilitate transaction screening and monitoring.
Jan Pilbauer, CEO, BankservAfrica, commented:
“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.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.”
R Vivekanand, Co-Head, TCS Financial Solutions, commented:
“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 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.”
