Emirates NBD launches international payments operation
With the payments space becoming more competitive than ever, technology and financial services companies have embarked on methods to develop more integrated and unified payment systems. In such Middle-East based financial services group, Emirates NBD has deployed a centralised international payments system which is based on Tata Consultancy Services TCS BaNCS for Payments.
TCS BaNCS for Payments is developed by India based IT firm, TCS. Emirates NBD selected TCS BaNCS for Payments ‘as part of its vision to transform payments processing’ across all its entities covering six countries. The solution now will be deployed and used for international payments in Singapore, India, United Arab Emirates and the United Kingdom.
In India, this solution will process domestic payments over RTGS and NEFT. In UAE, Emirates NBD and Emirates Islamic Bank will manage international payments as well as FTS for domestic clearing.
According to the press release, this platform will assist banks to launch new services and payment products such as SWIFT for corporates and real-time clearing such as GCC-RTGS, IPI.
“The solution has moved our payments operations internally for standardized, scalable and centralized processing along with the capability to adopt new market evolutions in clearing, including SWIFT for Corporates.” said Abdulla Qassem, Group Chief Operating Officer, Emirates NBD.