TCS, BankID BankAxept team up to bolster Norway’s financial infrastructure
Tata Consultancy Services (TCS) has forged a strategic partnership with BankID BankAxept AS, the linchpin of Norway’s financial infrastructure, to establish and manage an operations command center in Oslo, Norway. The deal aims to enhance the resilience, security, and availability of the country’s critical financial infrastructure.
Addressing Compliance and Security Concerns in Norway’s Financial Infrastructure
BankID BankAxept AS plays a pivotal role in Norway’s financial landscape with 80% of the country’s card payments made using BankAxept cards and over 90% of the population dependent on BankID for electronic identification. With evolving regulations surrounding digital identity authentication, there is a heightened need for robust, reliable, and secure electronic identity solutions. BankID BankAxept AS has enlisted TCS’s services for setting up a 24×7 operations command center to manage and monitor the national payments and electronic identity verification systems.
TCS’s Monitoring Framework for 24×7 Operational Resilience
TCS will implement a dedicated monitoring framework in the command center that will feature advanced mechanisms for proactive issue identification and resolution. This framework will be capable of efficient data sharing with experts and vendors, allowing for rapid problem identification and resolution. The center will also be able to manage teams and vendors effectively, ensuring quick responses to disruptions, security alerts, or events while integrating value-added services from partners.
Øyvind Westby Brekke, CEO, BankID BankAxept AS, said, “BankID is currently used by 4.4 million users across Norway, and BankAxept handles approximately 8 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.”
Hemakiran Gupta, Head, Banking, Financial Services & Insurance – Continental Europe, TCS, commented, “This latest partnership in Scandinavia adds to the long list of nationally significant market infrastructure institutions across the world who view TCS as a preferred partner in their growth and transformation initiatives.”