Indian multinational information technology service provider Tata Consultancy Services (TCS) has recently concluded a Blockchain trial of cross border securities settlement.
Tata Consultancy Services in its press release announced,
"TCS Powers World’s First Cross-Border Securities Settlement between Two Central Depositories using Quartz Blockchain."
"Successful Tests by Maroclear and Kuwait Clearing Company, using Cash Coins on Tata Consultancy Services’ BaNCS Network Promises to Revolutionalize Cross-Border Flows with Real-time Settlements that Reduce Currency Risks and Enhance Liquidity."
The pilot project transactions were settled using cash coins held in the Quartz Blockchain in a true delivery versus payment (DVP) settlement model.
Commenting on the development Fathia Bennis, CEO, Maroclear said,
“We have demonstrated that by using disruptive technologies like Blockchain, we can overcome limitations in prevailing business models and create new business opportunities for our customers. With our strategic vision of providing innovative technology solutions to our financial markets, we have expanded our decade-long relationship with TCS alongside the capabilities of TCS BaNCS, the BaNCS Network and Quartz Blockchain solutions in exploring new operational opportunities to enable the cross-border settlements landscape in the Moroccan and African markets,”
Vice President and Co-Head, TCS Financial Solutions R Vivekanand, said,
"Real-time cross-border settlement with cash coins reduces risks, costs and has the potential to create enhanced liquidity in markets in the Middle East and Africa.“
Khaldoun Altabtabaie, CEO, Kuwait Clearing Company, said,
"The seamless integration of the Market Infrastructure solution from TCS BaNCS with Quartz Blockchain now opens up new opportunities for us to explore the usage of Blockchain in the Kuwaiti market.”
Quartz Blockchain solutions comprise intelligent Smart contract development kits, and integration solutions to enable development of high-quality code for different Blockchain technologies. They help integrate existing solutions easily with ecosystems/industry networks and allows the deployment of the solution over a robust enterprise-class architectural framework called the Quartz Foundation. Quartz also comprises a set of 'Designed for blockchain' business solutions across industries, which enable blockchain-driven transformation.
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