TCS’ Quartz™ Named a Leading Crypto Player in Transaction Banking and Payments by Celent
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 DELHI : 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 Payments.
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.
TCS recently announced ‘Quartz for Markets’ as an addition to its Smart solutions, offering end-to-end capabilities to manage tokenized assets for financial market infrastructure providers, payment infrastructures, banks and custodians.
· 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.”