TCS BaNCS Transforms Payments Operations at MUFG – Japan’s Largest Bank
Tata Consultancy Services (TCS), has successfully implemented a Regional Payments Hub – powered by TCS BaNCS for Payments – for MUFG Bank, Japan’s largest financial institution.
Ranked by Bloomberg as the eighth largest bank in the world, MUFG Bank has an extensive branch network throughout Japan and fifty other countries. As part of its transformation journey, it consolidated its extensive multi-entity, multi-country, cross-border payment processing operations, which were running on an array of disparate legacy systems, onto a Regional Payments Hub powered by TCS BaNCS for Payments.
With this transformation, MUFG Bank has realized its vision to streamline all payment operations across the entire Asia-Pacific region to drive future growth, improve efficiency and lay a strong foundation to enable innovation.
“MUFG Bank is happy that the Regional Payment System-based consolidation has become a reality. A project of this complexity was accomplished not only because TCS BaNCS was a strong fit to our requirements, but TCS’ delivery capability and proven methodology made collaboration across multiple geographies possible,” said a spokesperson for MUFG Bank.
“Payments is an exciting space, and a Business 4.0TM world offers opportunities aplenty for those organizations who transform their business and operating models to take advantage of the digital economy,” said Venkateshwaran Srinivasan, VP and head, TCS Financial Solutions.
“This has been a transformative journey for MUFG Bank and we are proud to be partnering with them in this mission critical program. They now have a strong platform, based on TCS BaNCS, that supports their future growth with agility and differentiation.”
The payments solution from TCS BaNCS offers multi-entity, -currency, and -country capabilities covering 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.
