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TCS partners with BankID BankAxept AS of Norway to improve the nation's financial infrastructure

Sep 20, 2023

By: BlinkX Research Team

On Wednesday morning, Tata Consultancy Services (TCS) announced that it has partnered with BankID BankAxept AS, Norway's national payment and electronic identification systems, to strengthen that nation's vital financial infrastructure. A new command center for the system will be created, built, and managed by TCS.

With the help of the new command center, Norway's essential national payment and electronic identity verification systems will be able to respond right away to any disruptions in service, security issues, or client requests. TCS' specialized monitoring framework at the command center will be used to predict, react, and prevent any issue in the value chain from affecting the larger financial services ecosystem.

The partnership is expected to help Norway's national payment system in setting up and managing an operations command center that will improve the system's availability, security, and resilience. BankAxept holds 80 percent of card payments made in Norway with a BankAxept card. BankID is the Norwegian eID verification solution, and it is used by more than 90% of the country's population, banks, public institutions, and commercial enterprises.

New digital identity authentication regulations require BankID to provide users with a compliant, reliable, and secure electronic identity solution as well as 'round-the-clock' assistance.

“We are pleased to partner with BankID BankAxept AS in their mission to enable seamless financial transactions across the nationwide ecosystem and to foster innovation. Our operations command center will enhance the security, reliability, and resilience of the national payments and electronic identification infrastructure that underpins Norway’s banking and financial services ecosystem, while supporting new innovative services from ecosystem partners,” said TCS’ Head, Banking, Financial Services & Insurance – Continental Europe Hemakiran Gupta.

During an issue the framework will provide a system for swiftly sharing communications data with a team of experts and vendors, allowing them to immediately determine the root cause of the problem and collaborate to solve any difficulties.

“BankID is currently used by 4.4 million users across Norway, and BankAxept handles approximately eight out of 10 in-store payments. Any downtime of these systems will have a severe impact on the country’s public institutions, businesses and citizens. We turned to TCS as a trusted technology partner to build a mission critical command center that will quickly help us resolve any technical issues or disruption to services, and this will ensure the resilience and reliability of Norway’s vital financial services infrastructure,” said BankID BankAxept AS CEO Øyvind Westby Brekke.