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Tata Consultancy Services on Tuesday announced that its TCS BaNCS for Market Infrastructure solution has been selected by the South African Bankers Services Company Proprietary Limited (BankservAfrica) to drive the Rapid Payments Program (RPP) in South Africa.
RRP is 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.
The program aims to introduce instant payments, usage of proxy resolution for easier addressability, and the ability to initiate payments using a request-to-pay, TCS explained in its press release.
BankservAfrica picked the TCS BaNCS for Market Infrastructure solution to create a modern and open central payments infrastructure to enable real-time payments and unlock innovation across multiple industries in the country.
The solution will provide Bankserv with “an ultra-high performance, low latency and scalable solution” to meet the needs of RPP. It will help consolidate multiple payment rails into a single solution while offering the flexibility and configurability to cater to a differentiated payments infrastructure, TCS said.
“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,” it said.
BankservAfrica’s customers will also be able to leverage TCS’ Quartz Smart Ledgers for proxy resolution. The Quartz KYC/ AML solution will provide real-time fraud management capabilities to facilitate transaction screening and monitoring.
Jan Pilbauer, CEO, BankservAfrica, said: “In addition to having the best technology stack, TCS BaNCS 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
“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,” added Pilbauer.
R Vivekanand, Co-Head, TCS Financial Solutions said, “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.”
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