Latest news with #SWIFTISO20022
Business Standard
6 days ago
- Business
- Business Standard
TCS partners with Council of Europe Development Bank to modernize reconciliation operations
Tata Consultancy Services (TCS) has announced a strategic partnership with the Council of Europe Development Bank (CEB) to modernize the bank's operations and enhance efficiency through advanced automation. As part of the collaboration, TCS will deploy TCS BaNCS for Reconciliations to help the CEB streamline complex financial transactions and automate key reconciliation processes using artificial intelligence (AI) and automation. With the implementation of TCS BaNCS for Reconciliations, the CEB will be able to automate the entire reconciliation lifecyclefrom transaction matching and exception handling to investigation and reporting. The product will provide real-time visibility and greater transparency while reducing manual effort and turnaround times. Its integration with the banks core systems will allow better control and faster daily reconciliations. The bank will also be equipped with tools to automate critical tasks such as file loading, extraction of PDF statements, and reconciliation of unmatched entries. Headquartered in Paris, the Council of Europe Development Bank is a social development institution that supports social inclusion projects across 43 member states. Its financing activities span sectors such as education, healthcare, and affordable housing, with a focus on serving vulnerable communities. With billions of euros in loans under management, the CEB requires robust, scalable technology to handle increasing volumes of financial transactions. TCS BaNCS for Reconciliations is an intelligent, centralized, and scalable product that helps banks manage reconciliations end-to-end. By leveraging artificial intelligence and machine learning, it enhances accuracy and automates key processes such as transaction matching, exception handling, and case management. The product is highly scalable and reliable, making it suitable for banks handling large volumes of transactions. It features a cognitive reconciliation engine, enhanced pre-processing capabilities, online archiving, API integration, and mobile support, and is available for both on-premises and cloud deployment. The product combines a modern user interface, smart dashboards, and real-time data processing to help banks manage unreconciled transactions more efficiently. Its flexible, intelligent design enables seamless automation across systems without the need for manual checks or intervention, helping reduce errors, speed up operations, and lower processing costs. Built to meet global standards like SWIFT ISO 20022, the platform ensures compliance while minimizing delays and exceptions. Stefano Michelangeli, head of finance and risk systems at the CEB, said, The CEB has a clear mandate to enhance social development among its member countries by leveraging technology. A reliable, robust and secure reconciliations solution has been key to this vision. Automation in reconciliation with high STP (straight-through processes) is central to ensuring error-free operations for institutions such as ours. With TCS BaNCS for Reconciliations, we will be able to eliminate manual reconciliations processing and reporting for transparent, auditable outcomes, especially for high-value transactions. By improving the overall efficiency of operations, we can deliver on our larger vision of enhancing economic growth in the countries we service in line with our Strategic Framework 2023-2027. Venkateshwaran Srinivasan, global head, financial solutions, TCS, said, We are happy to partner with an organization like the CEB and support its strategic goal of improving social and economic development in its member states. With the deployment of TCS BaNCS, the CEB will be able to gain significant efficiency in operations, which gives the bank the ability to operate on a higher scale. We continue to invest in products to help our clients enhance efficiency, improve customer experience and be future-ready. Tata Consultancy Services (TCS) is a digital transformation and technology partner of choice for industry-leading organizations worldwide. On a consolidated basis, TCS reported a 1.26% decline in net profit to Rs 12,224 crore while revenue from operations rose 0.79% to Rs 64,479 crore in Q4 March 2025 over Q3 December 2024. The counter rose 0.20% to Rs 3,502.30 on the BSE.
Business Upturn
16-06-2025
- Business
- Business Upturn
TCS partners with Council of Europe Development Bank to enhance reconciliation processes using AI
By Aditya Bhagchandani Published on June 16, 2025, 16:16 IST Tata Consultancy Services (TCS) has announced a strategic partnership with the Council of Europe Development Bank (CEB) to modernize and automate its reconciliation processes. As part of this initiative, TCS will deploy its AI-driven solution, TCS BaNCS for Reconciliations, aiming to streamline complex transactions and reduce turnaround times through end-to-end automation. This collaboration will enable CEB to automate the full reconciliation lifecycle—from transaction matching and exception handling to investigation and reporting—bringing real-time visibility and transparency. The platform also supports automation of file loading, extraction of PDF statements, and handling of unmatched entries. Headquartered in Paris, CEB is a social development bank working across 43 European member states, financing education, health, and housing initiatives for vulnerable communities. The bank's growing transaction volume necessitates a robust system, which TCS BaNCS addresses with scalability, real-time data handling, and compliance with global standards like SWIFT ISO 20022. TCS stated that this partnership strengthens its presence in Europe, where it serves over 80 major French companies and operates four delivery centers. The company remains committed to enhancing operational efficiency and supporting institutions focused on inclusive development. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Daily Tribune
04-05-2025
- Business
- Daily Tribune
Ahli United Bank completes comprehensive SWIFT ISO 20022 Readiness Training
Ahli United Bank (AUB) in preparation for the global transition to the SWIFT ISO 20022 messaging standards, has successfully completed an extensive internal training programme for its Group Operations and Technology experts. This initiative underscores AUB's commitment to operational excellence and readiness for the November 2025 industry-wide adoption target date. The training programme delivered in collaboration with DIXIO, an official SWIFT partner, conducted in two phases focused on understanding the new standards, their implementation, and their operational impact on cross-border payment processes. As the financial services industry undergoes this critical shift, AUB's proactive measures ensure seamless transition and enhanced service delivery for its customers. The SWIFT ISO 20022 standard introduces a unified messaging framework that facilitates faster processing, greater data accuracy, and improved compliance across global payment systems. 'The successful completion of the SWIFT ISO 20022 training, , reflects our commitment to staying ahead in the evolving financial landscape. This initiative ensures our teams are fully equipped to handle the complexities of cross-border payments at the backend with enhanced efficiency, accuracy, and compliance. This ultimately strengthens the seamless banking experience we deliver to our customers,' commented Samih Abutaleb, Deputy Group Chief Executive Officer – Technology & Operations at AUB. The transition to SWIFT ISO 20022 represents a significant advancement in the global banking standards. By adopting this framework ahead of its mandatory implementation date and upskilling employee competencies, AUB reinforces its position as a leader in innovation and customer-centricity within the financial sector. This achievement highlights AUB's dedication to maintaining uninterrupted payment processing while ensuring compliance with international standards.
