Tata Consultancy Services or TCS has reported that its Quzrta blockchain is now working with RippleNet. Tata Consultancy Services has many high-end clients such as CitiBank UK, General Electric and Microsoft. Tata Consultancy Services is offering a new way to connect banks and financial institutions to Ripples suits of cross-border payments technology. Tata Consultancy Services global banking platform called Tata Consultancy Services BaNCS services more than a quarter of the world’s population, processing more than one billion accounts.
Back in March, Tata Consultancy Services announced Quartz will utilize Microsoft’s Azure blockchain cloud and R3’s Corda Enterprise blockchain platform (XRP). The company has not specified which of Ripple’s suite of cross-border software solutions it’s Quartz platform connects to, or whether it supports Ripple’s XRP-powered xRapid. However, R3’s Corda Settler remittance platform does support XRP, which means XRP integration would be relatively easy for Quartz to offer its clients.
“The Quartz Cross Border Remittances solution enables banks/payments systems to connect to newer DLT based payment infrastructures (like RippleNet) for processing of Cross border FX remittance transactions.”
Who is Tata Consultancy Services?
Tata Consultancy Services – is an Indian multinational information technology (IT) service, consulting company headquartered in Mumbai, Maharashtra. It is part of the Tata Group and operates in 46 countries.
Tata Consultancy Services is the second largest Indian company by market capitalization. It is just behind Reliance Industries in term of market value. Tata Consultancy Services is now placed among the most valuable IT services brands worldwide. In 2015, Tata Consultancy Services is ranked 64th overall in the Forbes World’s Most Innovative Companies ranking, making it both the highest-ranked IT services company and the top Indian company. It is the world’s 2nd largest IT services provider. As of 2017, it is ranked 10th on the Fortune India 500 list. In April 2018, Tata Consultancy Services became the first Indian IT company to reach $100 billion market capitalization, and second Indian company ever (after Reliance Industries achieved it in 2007) after its m-cap stood at Rs 6,79,332.81 crore ($102.6 billion) in Bombay Stock Exchange.
The impact of digital technologies and innovation in payments processing is forcing Banks to adopt new technologies or risk falling behind competitors, and disruptive ntechs. The existing Payments landscape involves multiple agents, high transaction costs, and delays in completing a remittance transaction.
The Quartz Cross Border Remittances solution enables banks/payments systems to connect to newer DLT based payment infrastructures (like RippleNet) for processing of Cross border FX remittance transactions. The Quartz Gateway seamlessly connects the TCS BaNCS Payments system to the blockchain based Payments platform using APIs, and supports services related to FX Quote nalization
and debit/credit of beneciary accounts. Leveraging this approach, existing/core systems operational at banks/ other payment institutions need not undergo changes in connecting to the blockchain platform, as this complexity is absorbed by the Quartz Gateway.
Full PDF Here: https://www.tcs.com/content/dam/tcs/pdf/product-details/DSS/quartz-cross-border-remittances.pdf