TCS BaNCS, Indian MNC’s Financial Solution to Connect with RippleNet for Cross-Border Payment Processing
Quartz that leverages blockchain technology, the cross border remittance solution of TCS BaNCS, the universal financial solutions of world’s second largest IT service provider is enabling banks and payment systems to connect with the new DLT-based solutions like RippleNet.
RippleNet is one of the Ripple solutions through which banks and payments providers are connected to provide a frictionless experience for sending and receiving money globally.
Tata Consultancy Service (TCS) is Indian multinational IT services, consulting, and business solutions organization. As part of the Tata group, it has over 400,000 consultants in about 46 countries all over the world. Listed on the BSE (formerly Bombay Stock Exchange) and the National Stock Exchange (NSE) in India, for the year ended March 31, 2018, the company generated revenues of more than US $19 billion.
Now, TCS BaNCS, one of the TCS products, is a core banking software for the use of retail banks. This universal financial solution is for core banking, payments, forex and money markets, custody, financial inclusion, treasury operations, wealth management, securities processing, insurance, and compliance.
According to its website, the solution is deployed at over 450 installations worldwide that is the largest collection of enterprise, components, and consumer apps. Moreover, TCS BaNCS services more than 25 percent of the global population, with two of the largest core banking installations running on this processing over 1 billion accounts.
DLT-Based Payment Infrastructure For Cross Border Remittances
As per the latest document on the TCS website that has been updated recently it talks about Quartz, the blockchain smart solution that reduces duplication, engender trust and amplify value.
“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.”
For a business, the documents mention the benefits in terms of significant lower charges, reducing the liquidating needs, elimination of reconciliation overheads, near real-time settlement of remittance instructions, instantaneous tracking of transaction status, and audit trail for a complete history of transactions.