Tata Consultancy Services has announced a strategic alliance with Payments Canada, the country’s largest payment organization, to transform its payment system operations and assist in the implementation of the Real-Time Rail (RTR), a new real-time payments system that will allow Canadians to make payments and receive irrevocable funds in seconds, 24/7/365.
TCS will use its in-depth expertise in the Canadian payments market, as well as its vast experience building and executing large payment systems for Canadian financial services clients, to assist Payments Canada in developing and implementing an integration roadmap for the RTR. TCS will also leverage its quality engineering and participant engagement tools to effectively create and orchestrate a comprehensive end-to-end industry assurance program that will holistically validate the RTR deployment solution.
“With three decades of experience in delivering market infrastructure solutions, TCS will be a valuable partner in the delivery of the Real-Time Rail. Testing and deployment is a critical step in the introduction of the new real-time payment system and we’re excited to work with TCS to execute on this next step for the RTR as we help shape the future of payments in Canada,”John Cowan, Chief Technology & Operations Officer, Payments Canada, said.
TCS has helped multinational banks modernize complicated payment engines and deliver mission-critical market infrastructure solutions in 25 countries. It has collaborated on payment technologies with central banks and industrial utilities, allowing money to move domestically and beyond borders with connectivity across many clearing exchanges. National payment system operators, central regulators, security exchanges, custodian firms, brokerage firms, payment card schemes, global card issuers, card acquirers, device makers, global money transfer organizations, and fintech are just a few of TCS’ payments clients.
“We are excited to partner with Payments Canada to introduce 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 developing critical components of the national financial infrastructure, helping propel Canada to the forefront of digital innovation,”Manmeet Chhabra, Business Unit Head, Financial Services Canada, TCS, said.
Payments Canada members will be able to offer new options for Canadians and businesses to pay and be paid in real-time, as well as take advantage of rich payment data, thanks to the RTR. It will be a faster alternative to inefficient payment methods and will allow for last-minute payments. It will provide certainty of receipt and serve as a platform for innovation, allowing ecosystem stakeholders such as financial institutions and payment service providers to create new and improved methods for Canadians to pay for goods and services and transfer money.
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