Banque Saudi Fransi completes payment processing upgrades with TCS
Banque Saudi Fransi (BSF) has enhanced its domestic and international real-time payments processing capabilities with the core banking software suite of India-based Tata Consultancy Services (TCS).
BSF digitises payments processing with TCS BaNCS
As part of its digital transformation and core banking modernisation strategy, BSF, which is headquartered in Riyadh, Saudi Arabia, selected TCS BaNCS to digitise its IT landscape across deposits, lending and payments.
The bank has now implemented TCS BaNCS for Payments to centralise and standardise its operations across domestic and international payments.
As a result of this, the bank is now able to pre-validate transactions in real-time, which it reports is “nearly doubling the straight-through-processing rate and speeding up transactions”.
TCS adds the solution is helping the bank “provide real-time, frictionless payment services to its clients and scale systems to match increasing transaction volumes”.
TCS BaNCS also offers a large repository of out-of-the-box APIs which can be exposed to third-party providers, strengthening the bank’s provision of open banking and Banking-as-a-Service (BaaS) solutions.
Furthermore, BSF’s adoption of TCS BaNCS for Payments makes it an early adopter of GCC-RTGS Payments Clearing, a regional payment clearing scheme that allows payment transfers between Gulf Cooperation Council (GCC) countries.
As a result of its deployment of TCS BaNCS for Payments, Thamer Yousef, BSF COO, confirms that all of the bank’s real-time payments and collections, “including international payments through Swift”, will now be carried out through the solution.
