Tata Consultancy Services (TCS), India’s largest IT services, consulting and business solutions organisation. It reveals recently that it is using DLT based payment infrastructures (like RippleNet) for processing of Cross border FX remittance transactions.
TCS has released a press release in which it revealed about using RippleNet. The reason behind this partnership is the existing Payments landscape which involves multiple agents, high transaction costs, and delays in completing a remittance transaction.
The above mentioned challenges leads to poor customer experience and also for the banks involved in the transaction. There is a lack of transparency with respect to the costs and deductions made for completing a transaction as well as huge challenges with reconciliation, stemming from a lack of real-time information on status of the payment transaction as it traverses systems spanning various intermediaries.
About Quartz Blockchain Solutions
Quartz Blockchain solutions comprise intelligent Smart contract development kits, and integration solutions to enable development of high-quality code for different Blockchain technologies.
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.