Indian Tech Giant TCS Launches Enterprise Crypto Solutions for Banks and institutions

India's Tech giant TCS, launches Quartz Smart Solution, an enterprise crypto solution wooing banks and other financial institutions.

By · Jul 9, 2020 . 9min read

Key Takeaways:

  • TCS launches Quartz Smart Solutions for Crypto Services
  • Quartz supports multiple cryptocurrencies and stable coins, digital currencies linked to fiat currencies, trading venues and public blockchain networks.

TCS is Tata Consultancy Services, a subsidiary of Tata Group, India’s largest multinational business group. It controls huge market share in the Asian continent.

TCS unveiled this innovative slew of products in a recent press release dated 8th July 2020. Quartz™ Smart Solution for Crypto Services is a next-gen, digitally-powered offering for banks and investment firms. It provides secure and seamless cryptocurrency trading to their clientele.

This comes after a recent survey by Paxful, a leading P2P cryptocurrency exchanges of Indians. It showed 43.40% forecast an increase in crypto jobs and opportunities. 40.40% of respondents favour investing in the digital currency over other investment option like stocks and bonds. 30.00% of the respondents are for real estate while gold comes in last at 14%.

Quartz™ Smart Solution appears timely for banks and institutions operating in India, a growing base for cryptocurrency investment sentiments.

TCS boasts Quartz can support multiple cryptocurrencies, stable coins, and digital currencies linked to fiat currencies, trading venues and public blockchain networks. Cryptocurrencies have become an alternative for remittance and settlements across the globe. This has necessitated the proliferation of fintech startups striving to offer value to the growing crypto users. TCS with Quartz aims to bridge the ever-increasing gap between traditional finance and several “sassy” crypto solutions.

Therefore banks and investment companies which adopts this new solution will be able to offer their customers the ability to transfer payments in the form of ‘digital cash. With the cheap transfer costs of the blockchain, customers benefit in the way of lower transaction costs and quicker access to liquidity.

R Vivekanand who serves as Global Head, Quartz, TCS 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.”

Since security and stability are the hallmarks of banks and other regulated financial institutions, TCS assures prospective clients, it has built an ironclad solution specifically tailored for its business purpose.

TCS assures Quartz Smart Solution comes with state-of-the-art security features and risk assurance. From multi-signature features on its wallets to blockchain forensic checks, clients can rest assured they are in safe hands. Moreover, Quartz also enables auto reconciliation and compliance alerts. It also allows exchange and OTC desk connectivity subsequently facilitating audit capabilities well customized for banks and financial institutions.

Subsequently, Vivekand went further by saying:

We believe Quartz is well ahead of the curve in providing
such a solution that allows customers to transact in multiple cryptocurrencies and digital assets, backed by best-in-class security features,”

Earlier Crypto Mainstream Adoption Gloom May Not be Final

Although banks and government institutions have and still criticize cryptocurrencies, many have embraced the idea of digital currencies. Their criticisms stem from crypto’s past darknet activities, especially with incidents like Silk Road and Mt Gox hack. However, the likes of JP Morgan backtracked from its previous critical stance, subsequently launching its stable coin. Likewise, India’s Supreme Court lifted RBI’s ban on banks servicing crypto firms. Therefore, a bet against TCS’s Quartz Smart for Crypto solution gaining tremendous traction may not be a wise move judging by these antecedents.

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