A giant Indian IT Company is launching a cryptocurrency trading solution for banks. The protocol allows financial institutions to enable investments and portfolio diversification into Cryptocurrencies and Digital Assets for their clients.
Tata Consultancy Services (TCS) announced on Wednesday, July 8, 2020, launching the Quart Smart Solution for Crypto Services. The digitally-powered next-gen offering for banks and investment firms to provide secure and seamless cryptocurrency trading to their clientele. The press release read in part:
“The solution is designed to support multiple cryptocurrencies and stable coins, digital currencies linked to fiat currencies, trading venues, and public blockchain networks, thus offering choice and flexibility to customers when deciding their trading and investment strategies. Importantly, it can help banks and investment firms offer their customers the ability to transfer payments in the form of ‘digital cash,’ and benefit from lower transaction costs and quicker access to liquidity.”
According to TCS, the Quartz Smart Solution for Crypto Services has an in-built state-of-the-art hardware security module that enables cryptographic signing of each transaction, thereby ensuring security and authenticity. The protocol includes top-of-the-range features that include multi-signature wallets with an in-built authorization engine.
The solution will enable configurable transaction approval policies, blockchain forensic checks, auto reconciliation, and compliance alerts. Additionally, it includes exchange and OTC desk connectivity and audit capabilities, among others. This will ensure that a transaction is executed only after proper validation and authorization by the user.
Integrating Existing Applications with Blockchain Ecosystems
TCS has over 448,000 consultants spread over 46 countries worldwide and a revenue base of $22 billion by the end of Q1 2020. Quartz will integrate the existing systems with the blockchain platforms and on the messaging networks. As per the firm’s website, Quartz Smart Solutions is part of the Quartz Smart Ledgers.
The company offers the program as a part of other Quartz solutions like the Devkit. The website describes Devkit as smart contract development kits for different blockchain technologies. There is Gateway that involves solutions for integrating existing applications with blockchain ecosystems/networks. Additionally, the Command Center comprises “solutions that facilitate administering and monitoring of the entire ecosystem.” R Vivekanand, TCS’ Global Head of Quartz, stated:
“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.”
India’s cryptocurrency ecosystem is snowballing even as the government dillydallies on how to treat digital currencies. Cryptocurrency exchanges have reported booming business as signups increase amid the Covid-19 crisis.