Banque Saudi Fransi (BSF), one of the banks in the Kingdom of Saudi Arabia (KSA), selected TCS BaNCS to simplify and digitise its IT landscape across deposits, lending, and payments, and solodify its position as a modern, innovative, and experience-focused bank in the region.
As part of this transformation, the bank leveraged TCS BaNCS for Payments to centralise and standardise its operations across domestic and international payments. With data centralised and secure in the new system, the bank can pre-validate transactions in real-time, nearly doubling the straight-through-processing rate and speeding up transactions.
The microservices architecture of the TCS BaNCS solution is assisting the bank in offering real-time, seamless payment services to its clients and scaling its systems to accommodate the growing transaction volumes in a 24/7 economy. With a wide range of pre-built APIs, the bank can expose them to third-party providers, reinforcing its strategy to become a significant player in Open Banking and Banking-as-a-Service, providing clients with its advantages. This new solution enables BSF to deliver an augmented customer experience, be more responsive to clients' increasing needs, and drive innovation while effortlessly adapting to market changes.
The TCS BaNCS solution's future-proof digital core and readiness for the Saudi market empower BSF to introduce new product lines, while its ISO20022 compliance ensures easy adherence to CBPR+ guidelines within the SWIFT-defined timeline. By implementing TCS BaNCS for Payments, the bank becomes an early adopter of the regional GCC-RTGS Payments Clearing, allowing its customers to send and receive money to GCC countries through this innovative payment clearing scheme.
Officials from Banque Saudi Fransi recognise the Middle East as one of the fastest-growing real-time payments markets globally, with Saudi Arabia leading the way towards financial prosperity. The successful implementation of TCS BaNCS for Payments, as part of our comprehensive enterprise-wide transformation programme, demonstrates their commitment to fostering payments innovation in the region. All real-time payments and collections, including international payments via SWIFT, will now be processed through TCS BaNCS. The solution's extensive set of APIs enables them to maximise flexibility and connectivity, enhance value-added services related to payments, and swiftly adapt to any advancements in this field.
TCS BaNCS solutions are based on a Digital First, Cloud First philosophy, resulting in a modern platform for the banking and financial industry in the digital era. TCS BaNCS for Payments offers capabilities spanning multiple entities, currencies, and countries, covering the entire value chain from order management to clearing and settlement. It provides various products, including credit transfers (domestic, real-time, and international variations) and direct debit, all on a single platform. This future-proof solution is built on ISO 20022-based data and process models, incorporating advanced features sought by forward-thinking customers, such as real-time payments and open APIs. TCS BaNCS is certified with the SWIFT Ready and SWIFT GPI Ready labels for the payments market.
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