TCS In Pole Position To Gain Control Over UK’s Faster Payments
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Tata Consultancy Services (TCS) is now the leading brand to take over the management of the Faster Payments Service in the UK. Pay.UK is handling the process as a section of the New Payments Architecture in the UK. It will substitute the present Faster Payments and Bacs retail interbank payment systems.
The system will also supervise all clearing and settlement using a single customized central infrastructure.
Bank Of England And The Payment Systems Regulator Will Study The Process
Pay.UK stated that the firm has carefully studied potential vendors and has considered all regulatory requirements, competition, and relevant data. The company also stated that it is now undergoing the required non-objection and assurance procedure.
The procedure will also have to be studied by the Bank of England and the Payment Systems Regulator. However, the process is currently halted as the government executes its plans for Payment’s strategy that was recently announced.
Tata Consultancy Services Limited is an international information technology services and consulting firm based in India. The company built its headquarters in Mumbai. It is a branch of the Tata Group and functions in 150 locations in 46 nations. In September last year, it was revealed that TCS had more than 616,000 workers worldwide. It is the top Big Tech (India) company, a giant IT service brand in the world, and the second-biggest Indian company by market capitalization.
TCS’s Strong Financial Performance In The Marketspace
TCS held the seventh position on the Fortune India 500 list as of 2021. In September of the same year, TCS recorded a significant market capitalization of US$200 billion, making it the first Indian IT firm to reach this valuation.
In 2016-2017, Tata Sons, the parent company of TCS owned 72.05% of its shares, and TCS generated over 70% of Tata Sons’ dividends.
Tata Consultancy Services, initially named Tata Computer Systems, was established by a branch of Tata Sons Limited in 1968.
Its initial contracts include providing bureau services to Unit Trust of India, running an Inter-Branch Reconciliation project for the Central Bank of India, and punched card services to its sister company Tata Steel (formally known as TISCO).
TCS delivered SECOM, an electronic trading and depository system for SIS SegaInterSettle, a Swiss company. It also implemented the Johannesburg Stock Exchange and created System X for the Canadian Depository System. TCS has connection with TKS Teknosoft, a Swiss partner, which it eventually acquired.
