RBA to update core banking platform
(19 April 2017 – Australia) The Reserve Bank of Australia (RBA) is set to replace its current core banking platform with Tata Consultancy Services’ (TCS) BaNCS in a contract worth AU$13.6 million.
The central bank provides banking services to the Australian Government and its agencies, other government entities and other central banks, as well as overseas institutions. Consequently, the original expression of interest (EOI) by RBA sought a robust and scalable system able to support large volumes of transactions.
The transition will take two years to complete, and will provide RBA with BaNCS, Tata’s core banking software. BaNCS is currently used by 370 banks in 80 countries, including Westpac and the Commonwealth Bank of Australia.
This news follow RBA’s plans to rework the infrastructure behind its new payments platform, expected to roll out by the end of this year. This new system will allow for near real-time transfers between accounts, no matter who each person banks with, as all they will require is the recipient’s email address or phone number.
This is part of RBA’s project to meet “strategic objectives” set in 2012 to modernise the Australian payments infrastructure.