Tata Consultancy Services’ Software was Cited for Pushing the Development Envelope for its In-production Use Cases in Remittances, Intrabank/Company Transfers and Interbank Payments
NEW YORK | MUMBAI, September, 20, 2021: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that Quartz™ has been recognized as a leading software provider in the Celent Solutionscape on Crypto Players in Transaction Banking and Payments1.
The report describes how traditional banks, fintechs and big tech companies are vying to build better transaction banking/payment rails. In an examination of 11 firms driving the new rails in retail and wholesale payments, Quartz has been included as a leading provider of software used to build blockchain networks and issue smart contracts/digital assets. The report highlights the availability of targeted solutions from Quartz that are enabling the production roll out of blockchain ecosystems for areas including cross border remittances, inter-bank borrowings, cross border settlements and crypto services.
Quartz’ differentiators highlighted in the report include easy integration with existing tech and ecosystems as well as new blockchain ecosystems, platform-agnostic architecture, and flexibility with support for both public and permissioned blockchain and cloud and on-premise deployments. The report also showcases Quartz Devkit’s and Gateway’s ability to enable agile deployment of solutions in 3-6 months with 40-50% productivity savings in blockchain programming.
“TCS is partnering with customers in their growth and transformation journeys, helping them anchor or participate in larger business ecosystems using Quartz-based solutions that bridge traditional and crypto systems across multiple industries, built on the philosophy of co-existence, integration and interoperability. This approach is helping enterprises leverage the power of Distributed Ledger Technology (DLT) at their own pace, while reducing implementation risks,” said R Vivekanand, Global Head, Quartz, TCS. “This recognition as a leading crypto software provider is a testament to our successful approach towards designing and deploying DLT to build better banking, payments and settlement solutions, and helping customers achieve their purpose.”
Quartz redefines how organizations can collaborate in an increasingly connected world and leverage their collective strengths using blockchain technology. The suite comprises:
Smart Solutions, a set of ‘designed for blockchain’ business offerings for different industries.
Quartz DevKit, a smart contract development kit to enable programming of high-quality code on multiple blockchain platforms so customers can quickly prototype, build, test, and deploy solutions for the intersections between industries.
Quartz Gateway for the integration of existing solutions with blockchain ecosystems.
Quartz Command Center to administer and monitor entire ecosystems.
Quartz Ledgers, a unique TCS concept which comprise predefined, off-the-shelf ledger structures, data models, functions and APIs for business processes across industries. They serve as building blocks on top of which solutions can be developed and deployed seamlessly, thus enabling customers to implement decentralized solutions faster, in an agile manner, and at scale.
Together, these solutions can help organizations set up truly connected ecosystems that run on blockchain technology, delivering real-time, efficient transaction processing based on a single source of truth on the ledger.
According Alenka Grealish, Senior Analyst, Celent, “DLT, smart contracts, and digital assets are showing promise to align the performance of banking and payments systems with those of the digital economy. Based on Quartz’s deployments in the remittances, intrabank transfers and interbank payments, we find that Quartz merits inclusion as a leading cryptonaut. Celent selected cryptonauts based on their ability to readily move from experiment to implementation, deliver value, and scale.
R Vivekanand added, “API connectivity between crypto and traditional rails like real-time payments, are helping consolidate messaging, clearing and settlement, and significantly reducing the average settlement timeframes. With Quartz, we are building blockchain ecosystems that leverage our strong partner network, a platform-agnostic approach, and support both public and permissioned blockchains.”
*In response to growing demand for insights on trends in blockchain, smart contracts, and digital assets and their implications for banking, Celent is compiling a two-part report series. These reports are informed by over two dozen interviews with founders and senior executives at leading players, including the 11 profiled herein, as well as bankers leading crypto efforts within their organizations. In addition, Celent attended Official Monetary and Financial Institutions Forum’s (OMFIF) Digital Monetary Institute Symposium April 2021 and has drawn upon insights gathered from the Symposium’s speakers.
Quartz, The Smart Ledgers, is a startup incubated by TCS, and provides foundational technology, tools and business components for creating distributed ledger solutions across varied industries. Built on the core principles of Coexistence, Integration and Interoperability, Quartz enables existing systems to coexist and integrate with blockchain platforms and other messaging networks. With data masking, privacy and anonymity--the premise on which the solutions are designed--organizations can focus on enhancing their core competitive strengths in an environment of utmost security. With Quartz, you can facilitate the creation of a complete distributed ledger ecosystem for stakeholders in your value chain. Quartz caters to organizations across Industry segments including Financial Services, Banking, Supply Chain, Energy & Utilities and e-Governance.
To know more about Quartz, please visit: https://www.tcs.com/quartz-blockchain-solutions
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 500,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021 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.
1 Mapping the Crypto Galaxy, Part 1: Transaction Banking and Payments, Alenka Grealish, Celent, August 26, 2021
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