TCS's Quartz enables banks/payments systems to connect to DLT based payment infrastructures like RippleNet

Tata Consultancy Services (TCS) is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses. TCS offers a consulting-led, Cognitive powered, integrated portfolio of IT, Business & Technology Services, and engineering. A part of the Tata group, India’s largest multinational business group, TCS has over 400,000 consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India.

One of TCS’s products is TCS BaNCS, a universal financial solution, designed to help financial services institutions enhance end customer experience, enabling them to embrace open and innovative technologies that embody true digital customer engagement. Deployed at more than 450 installations worldwide, it is the largest collection of components, enterprise and consumer apps for the financial industry made available through the cloud, helping firms become more agile and intelligent by leveraging the power of new and extended ecosystems.

  • TCS BaNCS banking solution services more than 25% of the global population, with two of the largest core banking installations running on TCS BaNCS, processing more than one billion (1BN) accounts.
  • TCS BaNCS capital markets solution cover 100+ countries, with more than 10 MN trades settled and serviced on TCS BaNCS daily, and have driven transformation in markets worldwide.
  • TCS BaNCS insurance solution services over 20 MN life, annuity and pension policies and 135 MN+ property and casualty solutions worldwide.

TCS BaNCS is also blockchain enabled in a unique coexistence model, with TCS’ Quartz blockchain Smart solutions, and has the power to bring organizations together by creating future state ecosystems that amplify value, reducing duplication and engendering trust.

According to a document uploaded recently on the TCS website:

“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 finalization and debit/credit of beneficiary 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.”

This means that banks and other financial institutions connected to the TCS BaNCS payment system can now seamlessly connect to Ripplenet.