TCS’ Blockchain Solution, Quartz™ Ranked #1 Best Performing Fraud Management Solution
LONDON | MUMBAI, July 26, 2022: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that Quartz™ was named an Industry Special Leader and ranked as the number one Fraud Management solution in the IBS Intelligence Sales League Tables (SLT) for 2022.
The IBS SLT is the result of an annual benchmarking exercise that ranks global banking technology suppliers across 22 system categories based on the number of new customer contracts signed in a given calendar year. It has been running for over 21 years and has become a barometer for financial technology supplier sales performance across the banking and financial services industry.
R Vivekanand, Global Head, BFSI Products & Platforms, TCS, said, “We are delighted to see this independent recognition of the market success we have had with Quartz’s fraud management solution. Our solution uses watch-list screening, blockchain enabled KYC and advanced machine learning for real-time detection of fraud to help clients gain a competitive edge in fraud and risk reduction.”
Quartz’s fraud management solution covers a comprehensive range of regulatory requirements in financial crime. The solution is continuously enhanced to keep up with evolving market needs in the anti-money laundering space and comes with well-defined APIs that allow for quick and easy integration with external sources and third-party systems. Compliant with global and regional regulations such as FATF, PSD2 and FIU, the solution comes with configurable business rules to determining fraud patterns across banking, spanning debit and credit cards, ATM, SWIFT and local transfers, and direct channels like internet banking, mobile, IVR and instant payments.
The Quartz solution has been designed on the principles of co-existence, interoperability, and integration, making it easy for both institutions and regulators to monitor and manage financial compliance using cutting-edge technology, such as robotic process automation, machine learning and advanced analytics. Sophisticated machine learning models enable behavioral analysis, network analytics, transaction fraud and anomaly detection to identify outliers and score risks. Quartz provides a holistic client risk profile to ensure a consistent experience for clients across channels and dynamic clustering to detect hidden customer segments.
Robin Amlot, Managing Editor, IBS Intelligence, commented, “We congratulate Tata Consultancy Services on the leadership ranking in the Fraud Management Special Category. With firms expecting continuous compliance with all fraud regulations, blockchain, machine learning and network intelligence and analytics are critical to a fraud management system.”
Quartz comprises Smart Solutions, a set of ‘designed for blockchain’ business offerings for different industries; Ledgers, Off-the-shelf ledger structures, functions, and APIs for business processes across various domains; the DevKit, a smart contract development kit to enable programming of high-quality code on multiple blockchain platforms; the Gateway & Command Center for the integration of existing solutions with blockchain ecosystems and their administration and supervision. Built on the core principles of Coexistence, Integration and Interoperability, and a solution design that leverages a unique on-chain/off-chain approach, Quartz enables existing systems to coexist and integrate with blockchain platforms and other messaging networks.
With Quartz, you can facilitate the creation of a complete decentralized ecosystem for stakeholders in your value chain. Quartz caters to organizations across Industry segments including Financial Services, Banking, Supply Chain, Energy & Utilities and eGovernance.
To know more about Quartz, please visit: https://www.tcs.com/quartz
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 over 50 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 606,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $25.7 billion in the fiscal year ended March 31, 2022, 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 MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com