Tata Consultancy Services’ Blockchain-enabled Network Won the 2019 FTF News Technology Innovation Award for Showing How Cross-border Transactions can be Settled Seamlessly
NEW YORK | MUMBAI, July 16, 2019: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting, and business solutions organization, announced that its TCS BaNCS™ Network Solution powered by Quartz™ Blockchain was named the Best Blockchain Breakthrough of the Year at the 2019 FTF News Technology Innovation Awards.
Instituted by the Financial Technologies Forum, the awards recognize the professionals, financial technology vendors, service providers, industry bodies and regulators that have made significant strides and noteworthy achievements during the year. Winners for this year’s competition were determined by votes cast online by readers of FTF News and industry participants.
TCS was recognized for the successful completion of a pilot project involving two financial institutions in Africa, using the Quartz Blockchain solution for exchanging cross-border corporate actions information on a real-time basis, for a wide range of equities and fixed income instruments, using the TCS BaNCS Network. Additional blockchain nodes were configured for registrars, demonstrating the ability to extend the ecosystem to other stakeholders. The pilot lays the foundation for an innovative pan-African financial ecosystem for cross-border information exchange and transaction settlement.
“We congratulate the more than 75 nominated companies and 26 winners of this year’s FTF Awards, and we thank our readers and industry participants for submitting 15,000-plus votes,” said Maureen Lowe, President and Founder, FTF.“The FinTech space continues to be a very exciting and competitive industry, and it can also be one of the most rewarding. Being recognized as one of the top solution or service providers by clients and peers is a great honor, and one that the nominees and winners should be proud of.”
“Successful Business 4.0™ companies are finding innovative ways to leverage the power of ecosystems and deliver exponential value to their customers. Quartz uses the power of blockchain technology to enable this,” said R Vivekanand, Co-Head, TCS Financial Solutions. “We are delighted to receive this award from FTF. It is a recognition of our thought leadership and ability to stretch the boundary of what is possible.”
Quartz redefines how organizations collaborate, and leverage their collective strengths. With Quartz, an organization can realize its vision of leveraging blockchain technology not only within its own organization, but also facilitate the creation of a complete blockchain ecosystem, or participate in one.
Quartz Blockchain solutions are offered as horizontal solutions across industry verticals. They can help organizations in setting up truly connected ecosystems that run on blockchain technology, delivering real-time, efficient transaction processing, without the need of intervention from intermediaries. The solutions provide coexistence with prevailing systems, enabling customers to select the blockchain platform of their choice, as well as facilitating seamless integration of ecosystem participants.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. The TCS BaNCS universal financial solution is 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. To know more about TCS BaNCS, please visit: www.tcs.com/bancs.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for the last fifty years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 436,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $20.9 billion in the fiscal year ended March 31, 2019, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS' proactive stance on climate change and award winning work with communities across the world have earned it a place in leading sustainability indices such as the Dow Jones Sustainability Index (DJSI), MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit us at www.tcs.com.
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