MUFG picks TCS Bancs to consolidate payments
MUFG in paytech overhaul with TCS Bancs
MUFG Bank, one of Japan’s largest financial institutions, has selected Tata Consultancy Services (TCS) to overhaul its payments operations.
Through this deal, the bank has consolidated its extensive multi-entity, multi-country, cross-border payment processing operations, which were running on an array of disparate legacy systems, into one regional payments hub powered by TCS Bancs for Payments.
The vendor says its TCS Bancs payments solution covers the complete value chain, including order management, clearing and settlement. It provides direct debit and credit transfers, including domestic and international variations, on a single platform.
The solution is designed on ISO 20022-based data and process models, and includes features including real time payments and open APIs.
TCS Bancs has been certified as Swift Ready for Payments for almost ten years now, and is among the first wave of solutions certified with a Swift gpi ready label.
