TCS Edges Closer to Taking Over UK's Faster Payments Service

<p>In the UK's financial technology landscape, Tata
Consultancy Services (TCS) is poised to assume control of the country's Faster
Payments Service. The move positions TCS as a formidable contender, surpassing
the current operator, Mastercard-owned Vocalink, according to insiders familiar
with the competitive procurement process.</p><p>New Payments Architecture Targets Streamlined Payment Processes</p><p>The transition comes under the purview of Pay.UK
as part of the UK's ambitious New Payments Architecture initiative. This
initiative aims to overhaul the existing Faster Payments and Bacs retail
interbank payment system, streamlining clearing and settlement through a
unified, purpose-built central infrastructure, as reported by Sky News.</p><p>In a statement issued by Pay.UK, the organization
emphasized a thorough evaluation: "We have carefully examined prospective
vendors and considered all relevant data, competition and regulatory
requirements. We are now going through the necessary regulatory non-objection
and assurance process. We will not comment further while the process is
ongoing."</p><p>However, the journey towards TCS assuming control
of the Faster Payments Service entails additional regulatory scrutiny. Both the
Payment Systems Regulator and the <a href="https://www.financemagnates.com/tag/bank-of-england/">Bank of England</a>
are tasked with reviewing the proposed transition. Notably, the process has
been momentarily halted to accommodate the government's unveiling of its
Visions for Payments strategy.</p><p>ASX Shifts Clearing and Settlements System to TCS
Solution</p><p>Earlier, the <a href="https://www.financemagnates.com/forex/chess-replacement-asx-selects-new-clearing-and-settlement-system/">Australian
Securities Exchange (ASX) announced its decision to replace its
clearing and settlements system</a>, CHESS with TCS product-based solution, as
reported by <a href="https://www.financemagnates.com/">Finance Magnates</a>. The
move followed the abandonment of ASX's initial plan to implement a
blockchain-based infrastructure in May 2023. The agreement with TCS aims to
provide a reliable and scalable platform, with implementation planned in two
releases, targeting completion by 2028 or 2029. </p><p>The estimated cost for the first release was
between AU$105 million and AU$125 million. ASX also enlisted Accenture to
support project delivery. ASX's CEO, Helen Lofthouse, emphasized the importance
of meeting market needs and ensuring a smooth transition. The decision reflects
a strategic shift toward modernizing Australia's stock market infrastructure
while addressing industry demands and regulatory obligations.</p>

This article was written by Tareq Sikder at www.financemagnates.com.