Tata Consultancy Services (TCS) adopts Ripple Technology

Tata Consultancy Services (TCS), a global IT consultancy firm with clients like Citibank UK, General Electric and Microsoft, have stated announced the launch of their Quartz blockchain solution. Quartz works with RippleNet and offers a new way for banks and financial institutions to connect with Ripple.

In a report titled “Quartz Cross Border Remittances,” TCS stated:

“The Quartz Cross Border Remittances solution enables banks/payments systems to connect to newer DLT based payment infrastructures (like RippleNet) for processing of Cross border FX remittance transactions.

The Quartz Gateway seamlessly connects the TCS BaNCS Payments system to the blockchain based Payments platform using APIs, and supports services related to FX Quote finalization and debit/credit of beneficiary accounts. Leveraging this approach, existing/core systems operational at banks/ other payment institutions need not undergo changes in connecting to the blockchain platform, as this complexity is absorbed by the Quartz Gateway.”

Back in March, TCS announced Quartz will utilize Microsoft’s Azure blockchain cloud and R3’s Corda Enterprise blockchain platform. Their global banking platform, TCS BaNCS, processes more than one billion accounts. TCS said:

“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.”