TCS Successfully Tests Blockchain-based Trade Settlements for Canadian Depository
TCS Completes Proof of Concept With Canada’s Equities & Fixed Income Clearing House using Quartz Blockchain Solution for Non-Exchange Trade Settlement
SYDNEY | MUMBAI, October 24, 2018: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading IT services, consulting and business solutions organization has announced the successful completion of a Proof of Concept (PoC) around a blockchain-based non-exchange trade settlement using TCS’ Quartz Blockchain Solution.
Developed in collaboration with the Canadian Depository for Securities (CDS), a wholly-owned subsidiary of TMX Group, the PoC is part of a large market infrastructure transformation program leveraging TCS BaNCS for Market Infrastructure, aimed at the modernization of depository, clearing and settlement services in Canada.
The PoC helped demonstrate how Delivery versus Payment (DVP) trade settlement can be completed using tokenized assets held on the Quartz blockchain ledger. It used a unique co-existent architecture comprising conventional and blockchain technologies, leveraging TCS’ Quartz Blockchain Solution’s support for co-existence and a choice of messaging standards, including ISO/FIX/FIXML etc, for data exchange with the ledger. In addition, it can be extended in the future to support interoperability with external blockchain networks, such as for cash settlement.
Commenting on the success of the Quartz-based non-exchange trade settlement PoC, Glenn Goucher, President, CDCC and CDS, Chief Clearing Officer, TMX Group said, “This initiative has helped establish the ability for TMX to leverage emerging technologies such as blockchain to deliver cutting edge, innovative solutions for our clients and to advance Canadian markets into the future.”
“This PoC is an important milestone because co-existence with existing systems is fundamental to the acceptance of blockchain technology at scale by markets, as they move to trading and settling in digitised assets and leveraging blockchain based ecosystems,” said R Vivekanand, Vice-President and Co-head, Financial Solutions, TCS. “We believe our ability to reimagine our proven TCS BaNCS for Market Infrastructure solution with the power of Quartz blockchain, creates immense possibilities for the future of Canadian markets.”
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: https://www.tcs.com/bancs
About Quartz Blockchain Solutions
Blockchain has the power to bring organizations together by creating ecosystems that amplify the value delivered by each on a stand-alone basis. Such ecosystems have the potential to drive transformation across sectors, including BFSI, retail, healthcare, and utilities. Quartz can help organizations in the creation of such industry networks and ecosystems, and facilitate easy connectivity to them. It can thus help organizations harness the power of Business 4.0, a TCS framework designed to help our customers experience personalization, create exponential value, leverage the power of ecosystems, and embrace risk. Quartz is designed keeping in mind principles of co-existence, integration and interoperability and can redefine how organizations can collaborate, leverage their collective strengths and create strong business value for end customers.
About Tata Consultancy Services Ltd. (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organisation 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 IT, Business & Technology Services, and engineering. This is delivered through its unique Location Independent Agile delivery model, recognised as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 411,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $19.09 billion for year ended March 31, 2018 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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