Tata Consultancy Services has been picked by Payments Canada to transform to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds, 24/7/365.
TCS will be leveraging its expertise in the Canadian payments industry and give experience in designing and implementing large payment systems for its Canadian financial services clients to help Payments Canada execute an integration roadmap for the RTR.
John Cowan, Chief Technology & Operations Officer, Payments Canada, said, “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.”
Frictionless payments
Manmeet Chhabra, Business Unit Head, Financial Services – Canada, TCS, said, “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.”
TCS has been instrumental in delivering mission-critical market infrastructure solutions in 25 countries and modernising complex payment engines for global banks. It has partnered with central banks and industry utilities in payment innovations that enable money movement domestically and across borders with connectivity across many clearing exchanges. TCS’ payments clients include national payment system operators, central regulators, security exchanges, custodian firms, brokerage firms, payment card schemes, global card issuers and card acquirers, device manufacturers, global money transfer organisations and fintechs.
Published on
April 04, 2022
