Strategic Collaboration for Resilience and Security
In a strategic move, Tata Consultancy Services (TCS), a prominent player in the IT industry, has joined forces with Norway’s national payment and electronic identity system, BankID BankAxept. This collaboration is set to fortify Norway’s financial infrastructure, focusing on resilience, security, and availability.
BankAxept and BankID: Pillars of Norway’s Financial Landscape
BankAxept: The Backbone of Payment Systems
- Norway’s national payment system, BankAxept, stands at the core of the country’s payment ecosystem.
- Remarkably, 80% of card payments in Norway are processed through the BankAxept card.
BankID: The Trusted eID Verification Solution
- BankID is the go-to electronic identity verification solution in Norway.
- More than 90% of Norway’s population, financial institutions, public entities, and commercial enterprises rely on BankID for secure identity verification.
TCS’s Role in Strengthening Norway’s Financial Infrastructure
Establishment of an Operations Command Centre
- TCS is committed to establishing a cutting-edge operations command centre in Oslo, Norway.
- This centre is poised to provide swift responses to any disruptions in services, security incidents, or client requests pertaining to Norway’s national payment and electronic identity verification systems.
Compliance and Security
- New regulations mandate BankID to deliver a compliant, trustworthy, and secure electronic identity solution.
- The partnership emphasizes round-the-clock support to ensure the highest standards of reliability.
The 24×7 Operations Command Centre in Oslo
Meeting Critical Needs
- TCS’s command centre in Oslo will cater to all users and clients of BankID BankAxept AS.
- Its primary objective is to ensure rapid responses to service interruptions, security concerns, or client inquiries related to Norway’s vital payment and electronic identity verification systems.
Advanced Monitoring Framework
- TCS will implement a robust monitoring framework within the command centre.
- This framework is designed to anticipate, address, and preempt issues across the financial services value chain, safeguarding the broader ecosystem.
Streamlined Communication and Issue Resolution
- The framework includes a streamlined communication mechanism with a team of experts and vendors.
- It expedites the identification of root causes and facilitates collaborative issue resolution.
- The command centre is fully equipped to oversee teams and vendors, ensuring prompt resolution of disruptions, urgent security alerts, or events.
- Additionally, it can integrate value-added services from partner ecosystems, further enhancing its capabilities.
The collaboration between Tata Consultancy Services and BankID BankAxept represents a significant step towards reinforcing Norway’s financial infrastructure. With a strong focus on resilience, security, and availability, this partnership aims to provide a robust foundation for the nation’s payment and electronic identity systems, ensuring compliance and trust for users across the country. The establishment of the operations command centre in Oslo signifies a commitment to swift and effective responses, ultimately contributing to the stability and reliability of Norway’s financial landscape.
Important takeaways for all competitive exams:
- TCS CEO: K. Krithivasan;
- TCS Headquarters: Mumbai;
- TCS Founders: Faquir Chand Kohli, J. R. D. Tata;
- TCS Founded: 1 April 1968.