TCS BaNCS Customer Newsletter TCS BaNCS #31 (September 2019) - Page 18

case study Payments TCS readies Canadian financial institutions for real-time payments modernization By Lokesh Rai, Head of TCS Financial Solutions, Canada Payments Canada provides Canada's national payments contributing its experience in delivering modernized systems, including those for large-value payments and for solutions in multiple markets for real-time gross day-to-day domestic commerce. In 2018, those systems settlement, real-time payments rails, and ISO 20022 cleared approximately $53 trillion.. implementations. Through consulting services, innovation In 2015, Payments Canada commenced a strategic plan to develop a modern payments system, including: l Real-Time Rail, a new real-time payments system for low-value payments that can be initiated with mobile numbers and email addresses, to serve as a platform for value-added service offerings. Expected go-live (with a new name) in 2020. l Lynx, a new high-value payments system to provide support, and technology solutions, TCS is accelerating the modernization of Payments Canada. #Invisible Payments Based on our experience in multiple markets building real-time capabilities much like those being developed by Payments Canada, we anticipate that in the future, Canadian payments will become #Invisible: - omnipresent throughout the digital economy; real-time settlement finality. Expected go-live in 2021. l Settlement Optimization Engine, a centralized retail batch system to replace existing applications for clearing - secure and trustworthy to a degree that alleviates concerns; - open to innovation of all kinds; and of batch paper and electronic payments, with migration to ISO 20022, an additional exchange window, and faster funds availability. Enhancements are ongoing through 2021. These elements of a modern payments system will simplify and enhance daily payment interactions for Canadians and help secure and strengthen Canada’s competitive position as a global leader in financial services. - personalized and contextualized using information pertinent to the individual. #Invisible Payments represents a paradigm shift away from the legacy situation, in which payments are confined to specific use cases through insecure, one-size-fits-all instruments that cannot easily be modified. Canadian consumers have been quick to embrace new technology and digital payments. Cash use has decreasing by 20 percent since 2011, and the marketplace is eagerly awaiting the innovation enabled by real-time payments. The modernization is already in progress, with each phase carefully designed through consultations with more than 100 organizations in the Canadian and global payments ecosystem. TCS is actively engaged with Payments Canada by At the 2019 Payments Canada Summit, R Vivekanand, Vice President and Co-Head, TCS Financial Solutions, spoke about how #Invisible Payments will drive social transformation and consumer empowerment; described TCS’ role in two innovative payment initiatives, Vipps in Europe and Unified Payment Initiative in India; and outlined the opportunity for financial institutions to become disruptors in their own regions with #Invisible Payments experiences, the possibilities only limited by the imagination. 18