April 8, 2019, | AtoZ Markets - Tata Consultancy Services (TCS) has unveiled a new method to connect banks and financial institutions to Ripple’s suite of cross-border payments technology, raising the question: would XRP become mainstream?
TCS is a global IT consulting company, that provides services to Citibank UK, General Electric and Microsoft. The company is also part of Tata Group- an Indian multinational conglomerate holding company headquartered in Mumbai, Maharashtra, India, with a revenue of $19 billion for the year 2018.
The company announced in a statement that its Quartz blockchain solution now works with RippleNet.
“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.”, the company announced on its website.
Providing services to more than quarter the world’s populations, as per the company, TCS’s global banking platform called TCS BaNCS processes more than a billion accounts, as per the company.
“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.”, TCS explained.
Quartz Advantages as TCS describes on its website
- API based connectivity to DLT based Payment Infrastructures as well as to other blockchain platforms.
- Platform aware - Quartz Gateway is platform aware and ensures simultaneous connectivity to multiple blockchain platforms. For example, Rulebook Schemas provided by DLT based Payment Infrastructure platforms are pluggable to the Gateway thus providing exibility and cohesive integration capabilities with such newer payment infrastructure ecosystems.
- Service Orchestration features - allows the entire Cross border FX payments lifecycle to be managed in the Core Banking/Payments system.
TCT had announced last March that its Quartz utilized Microsoft’s Azure blockchain cloud and R3’s Corda Enterprise blockchain platform.
On his turn, Rajesh Gopinathan, chief executive officer and managing director, said:
“On a secular basis, as large segments of the economy go through churn driven by digital disruption, enterprises are responding with technology-powered strategies – as in algorithmic retailing or connected cars – creating a huge opportunity for services providers like us.
Our investments in research and innovation, our deep domain and contextual knowledge, intellectual property and our collaborative approach to co-innovation, have been key to our participation in this opportunity.”
It is worth mentioning that the company has not clarified which bundle of cross-border software solutions its Quartz platform uses.
On the other hand, the company did not specify whether it supports Ripple’s XRP-powered xRapid.
Analysts infer from the fact that R3’s Corda Settler remittance platform supports XRP, that XRP integration would be to some extent easy for Quartz to offer its clients.