TORONTO and MUMBAI, India–(BUSINESS WIRE)–April 5, 2022–
Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has entered into a strategic partnership with Payments Canada, the country’s largest payments organization, to transform its payments system operations and help implement Real -Time Rail (RTR), the new real-time payment system that will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.
TCS will leverage its in-depth knowledge of the Canadian payments industry and extensive experience in designing and implementing large payment systems for its Canadian financial services clients to help Payments Canada build and run an integration roadmap for TRR. Additionally, TCS will use its solutions around quality engineering and participant engagement to effectively help plan and orchestrate a comprehensive end-to-end industrial assurance program that will holistically validate the solution for deployment. of the RTR.
John Cowan, Chief Technology and Operations Officer, Payments Canada, noted, “With three decades of experience in delivering market infrastructure solutions, TCS will be a valuable partner in delivering real-time rail. Testing and deployment is a critical step in the introduction of the new real-time payments system and we are excited to be working with TCS to execute this next step for TRR as we help shape the future of payments in Canada. .
Manmeet Chhabra, Business Unit Leader, Financial Services – Canada, TCS, noted , “We are thrilled to partner with Payments Canada to launch a modern payments platform that enables frictionless payments, which will accelerate the launch of new products and services. This reinforces our commitment to play a key role in the development of essential elements of the national financial infrastructure, helping to propel Canada to the forefront of digital innovation.
TCS has been instrumental in delivering critical market infrastructure solutions in 25 countries and modernizing complex payment engines for global banks. It has partnered with central banks and industry utilities for payment innovations that enable the movement of money domestically and across borders with connectivity between numerous clearing exchanges. TCS payment customers include operators of national payment systems, central regulators, securities exchanges, depository companies, brokerage firms, payment card schemes, global card issuers and acquirers, device manufacturers, global money transfer organizations and fintechs.
RTR will enable Payments Canada members to offer new ways for Canadians and Canadian businesses to pay and get paid in real time, and to use rich payment data. It will provide a faster alternative to less efficient payment options and support last minute payments. It will provide certainty of receipt and act as an innovation platform for ecosystem players, including financial institutions and payment service providers, to develop improved and new ways for Canadians to pay for goods and services and transfer money.
About Payments Canada
Payments Canada is a public benefit organization that owns and operates Canada’s payment systems, including Lynx and the Automated Clearing and Settlement System (ACSS). In 2021, Payments Canada systems cleared and settled more than $135 trillion, or more than $539 billion per business day. Payments Canada is responsible for the physical infrastructure and the related bylaws, rules and standards that support these systems. It also has a duty to promote the efficiency, security and soundness of Canada’s payment systems while taking into account the interests of end users.
Payments Canada works closely with the payments ecosystem to modernize Canada’s payment systems to ensure Canada and Canadian businesses remain globally competitive. To meet the needs of Canadians, Payments Canada is modernizing Canada’s payment systems and related bylaws, rules and standards that allow financial transactions to be carried out efficiently and securely every day.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has partnered with many of the world’s leading companies on their transformation journeys for over 50 years. TCS offers an integrated portfolio of consulting-focused business, technology and engineering services and solutions powered by cognitive technology. This is made possible through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
Part of the Tata Group, India’s largest multinational business group, TCS has over 556,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US$22.2 billion in the fiscal year ended March 31, 2021 and is listed on BSE (formerly Bombay Stock Exchange) and NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and its award-winning work with communities around the world have earned it a place in major sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.
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SOURCE: Tata Consulting Services
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PUBLISHED: 04/05/2022 02:45 AM/DISC: 04/05/2022 02:46 AM