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    • Overview

      TCS is here to make a difference through technology.

      Leading the way in innovation for over 50 years, we build greater futures for businesses across multiple industries and 131 countries.

      Discover all solutions
    • Industries
      • Banking
      • Capital Markets
      • Consumer Goods and Distribution
      • Communications, Media, and Information Services
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      • ignio™
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    • TCS ERP on Cloud
    • ignio™
    • TCS iON™
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    • TCS Intelligent Urban Exchange™
    • TCS OmniStore™
    • TCS Optumera™
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      We’re in it for good, driving positive change for the benefit of all.

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      22 Nov 2023 TCS Ranked #1 in Spain for Customer Satisfaction in Service Delivery Among IT and Cloud Services Providers
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      14 Nov 2023 Munch Museum Partners with TCS to Create Pioneering Immersive and AI-driven Drawing Experience
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    • Quartz™ - The Smart Ledgers™
    • Solutions

    Quartz Proxy Resolution

    Deliver secure, real-time payment experience with DLT-powered proxy resolution solution

    Let’s talk

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    Industry

    • Banking Tag

      Banking on purpose-led ecosystems

      TCS’ solutions help banks and FIs push traditional boundaries and build cognitive banking enterprises for better value, resilience, and inclusivity. Learn more.
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      Wealth management firms must design direct indexing products to offer personalized investment advisory and better value and stay ahead in the game. Know more.
      White Paper
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    Solution

    • Quartz™ - The Smart Ledgers™ Tag

      Quartz™: Helping Organizations Collaborate in the Connected World

      Read how TCS’ Quartz Smart Solutions help clients build their solutions on the blockchain platform and show them real, meaningful results to drive change.
      Learn More
      Click to know more
      quartts-landing-page-banner
      Related Insights
      Solutions for creating blockchain ecosystems
      This episode of Quartz Cast - The essential podcast for blockchain and DLT in business introduces Quartz solutions for creating blockchain ecosystems.
      Podcast
      13 May 2021
      Quartz for Compliance
      Blockchain enabled Quartz for Compliance, is a comprehensive solution for all financial crime mitigation needs, including watch-list screening, KYC, AML, fraud.
      Solution
      09 Jan 2021
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      Quartz KYC designed as a combination of off-chain and blockchain-based services enables organizations to offset financial crime risks with end-to-end automation.
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    Highlights

    • The Proxy Resolution solution from TCS Quartz comprises a private, permissioned blockchain ecosystem which banks can connect to, to enable secure payment transactions for their end customers without the need for payers to know the complete bank account information of the payees.
    • The solution allows easy integration of blockchain with the existing systems of the payment infrastructure operator and banks for enlisting, delisting, and blacklisting of proxies.
    • The Quartz Gateway exposes simple REST APIs which can be invoked by participating banks, thereby reducing the need for largescale changes to integrate with blockchain.

    In this article

    Abstract
    Challenge
    Solution
    Benefits
    Abstract
    Challenge
    Solution
    Benefits
    Go to top

    In this article

    Go to top
    Abstract Challenge Solution Benefits

    Abstract

    Pay-by-proxy is becoming increasingly popular due to the security and convenience it provides to payers.

    In this approach, an alias such as a national identifier/email id linked to the customer’s account information, is sufficient to make payments. Payers need not enter the payee bank account details to make a payment, thus simplifying the payment initiation process and reducing the potential for erroneous payments to a different bank account number. Pay-by-proxy is not only a convenient way of making payments but also protects the privacy of customers in terms of ensuring that critical bank account information is not exposed to the external world externally.

    Individuals can request or send money without having to share their bank account details. Payments could be made to a mobile number as a proxy which would help derive the linked bank account(s).

    Challenge

    In many cases, digital payments are still not inclusive, as they require payers to enter complicated bank account information which is tedious and a friction point that can discourage people from using them.

    The need to know the banking details of the beneficiary is not only inconvenient but also a security risk.

    Solution

    The Proxy Resolution solution from Quartz comprises a private permissioned blockchain ecosystem which banks can connect to enable secure payment transactions for their customers.

    The solution ensures that sensitive personal financial information is protected. Smart Contracts on the blockchain handle business rules and validations such as ensuring that a proxy is active in the system with a valid identifier. In addition, blockchain helps ensure immutability of transactions and can enable better dispute management since the complete audit trail is maintained on the ledger. The solution also supports proxy blacklisting - a process that allows banks to bar a proxy from being eligible to receive payments. 

    Benefits

    • Protection of sensitive personal financial information of end customers

    • Convenient way of making payments – End customers need not know the beneficiaries’ bank and account information

    • Better dispute handling for banks due to availability of audit trail/ transaction logs.  

    • Supports different models for Quartz Proxy Resolution - Resolving account details on the blockchain or routing resolution requests to the respective banks or a third party 

    • Real-time availability of information such as updates to proxy information without impacting the underlying transactions

    • Data privacy through Smart Contracts to ensure that each bank has access only to their transactions

    At Quartz, we already have many clients going into production with blockchain initiatives. These are not pilot projects or experiments, but rather point solutions that are filling white spaces in the business, changing the way business is done today.
    R. Vivekanand

    Global Head, BFSI Products and Platforms, Tata Consultancy Services

    Related reading

    BankservAfrica Selects TCS BaNCS™ (Central Payments Infrastructure) to Drive South Africa’s Rapid Payments Program

    Press Releases | 16 Feb 2021

    TCS’ Quartz™ Named a Leading Crypto Player in Transaction Banking and Payments by Celent

    Press Releases | 20 Sep 2021

    Solutions for creating blockchain ecosystems

    Podcast | 13 May 2021

    The leading industries for blockchain implementation

    Podcast | 24 Jun 2021
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