TCS to help Volt in expanding payment offerings
Tata Consultancy Services (TCS) announced today that Volt has partnered with TCS to power Volt 2.0, its next-generation banking as a service (BaaS) platform.
Volt is Australia's first neobank. Volt 2.0 will thereby expand the bank's offerings to include NPP, BPAY, and DE, enabling full-service banking capabilities for all its customers. Volt will thereby incorporate the real-time capabilities of TCS BaNCS for payments, along with API-based access to open banking components that are not dependent on traditional legacy structures.
Banking, financial services, and insurance segment contribute the majority of TCS revenue (40.2 per cent for Q2FY21). TCS, through its product, TCS BaNCS claims to serve around 25 per cent of the world population in banking. In capital markets, it records 10 million trades per day (peak), representing USD 40 trillion worth of AUC across 100 countries. For the insurance segment, this product administers over 20 million life, annuity & pension policies, and over 135 million property & casualty policies.
The stock of TCS closed at 2687.65 , merely 0.04 per cent higher than its previous day’s close. The intraday high was 2709.80, while the intraday low was 2671.70.