Tata Consultancy Service (TCS) Launches Crypto Trading Solution For Indian Banks

Tata Consultancy Services Limited (TSC) has launched a crypto trading solution for Indian banks and financial institutions which will in turn enable them offer services to clients. This is according to a press release issued on July 8, 2020.

Tata Consultancy Services (TSC) Enters Crypto Trading

The Quartz™ Smart Solution will help financial institutions offer cryptocurrency trading launched just four months after a supreme court in the Asian economic powerhouse reversed a directive of the Reserve Bank of India (RBI), barring banks from offering services to cryptocurrency exchanges.

The decision was a pent-up release as the ban had proliferated black market trading of digital currencies for Indian Rupees in the months ahead of the ruling. Quartz is a startup incubated by TSC and provides foundational blockchain-based tools that can be integrated across various industries.

Commenting, R Vivekanand, the Global Head of Quartz, said:

“Cryptocurrencies, digital fiat currencies, and digital assets are poised to become viable alternate avenues for investments, hedging, and portfolio diversification. Progressive financial institutions are looking to provide these options to their clientele. We are excited to offer them our robust, secure, and scalable solution for trading, storing, and transfer of these assets.”

Quartz Smart Solution Services By TCS

TSC is now rolling out this next-gen solution evidently cognizant that cryptocurrencies are here to stay. Most importantly, the solution will be secure, bringing together institutions in such a way that they can take advantage of their collective strength in an increasingly connected world.

The kit will comprise of Quartz Gateway—enabling easy integration to existing systems, Quartz DevKit—introducing smart contract capability and deployment of high-quality code, and Quartz Command Center for administration and monitoring.

Together, integrating institutions can process and track transactions in real-time from a single ledger.

Promoting Blockchain Adoption

TSC stated that Quartz Smart Solution will integrate the best-in-class hardware security in such a way that each transaction will be confirmed before settlement.

It will support several cryptocurrencies, digital currencies linked to fiat, and stablecoins infusing flexibility for different clients depending on their preferred strategies.

Most importantly, banks will easily move funds from different accounts meaning there will be reliability and faster access to liquidity while end-users enjoy lower transaction costs.