Quartz Proxy Resolution
Deliver secure, real-time payment experience with DLT-powered proxy resolution solution
Industry
- Banking
Banking on purpose-led ecosystems
Solution
- Quartz™ - The Smart Ledgers™
Quartz™: Helping Organizations Collaborate in the Connected World
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.
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.
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