briefing
REAL-TIME
PAYMENTS
&
SWIFT gpi
TCS BaNCS for Payments prepares banks
for key evolutions in global payments
By Nitin Sirohi,
Head of TCS BaNCS Product Management – Banking,
TCS Financial Solutions
Real-time payments
Alongside the emergence
of Ripple, Ethereum, and
other alternative payment
clearing schemes, two major
innovations have arrived
to accelerate the speed of
payments clearing for banks:
Real-time payments for
domestic transfers, and SWIFT
gpi for international transfers.
How banks adapt to these key
evolutions will definitively
shape their response to their
customers’ demands.
In a growing number of markets including Australia,
India, Singapore, Sweden, the United Kingdom and
now in the SEPA Zone, bank transfers have moved
toward real-time clearing and instant credit to
the beneficiary in environments regulated by the
respective central banks.
Previously, in the traditional banking ecosystem, real-
time payments were only possible when both parties to
a transaction were account holders of the same bank or
members of closed-loop services tactically built on card
scheme-based networks. Now, people in countries with
real-time payments can send or receive real-time funds
24x7, without additional overhead and without the
complexity of having to agree upon and join a specific
network in advance.
Domestic real-time payments enable the maturity of
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