TCS has also joined the club of Indian companies supporting Ripple for cross-border transactions. Company’s Quartz blockchain solution will work with Ripple’s products. This was announced yesterday.
It looks like Ripple’s technology has found a new tryst among Indian corporations. After various banks now IT major Tata Consultancy Services (TCS) has also joined hands with Ripple for providing blockchain related services to its prestigious clients around the globe. The clientele of the company includes Citibank UK, General Electric and Microsoft, and therefore it’s looking that the company can play a major role in increasing the adoption of RippleNet.
TCS said in its announcement that it will be offering a new way of connecting to Ripple’s cross-border payment solutions. TCS already offers its own Quartz blockchain platform, and according to company’s press release, Ripple’s solutions will work jointly with that platform. Have a look on what company’s PR said:
“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.”
Interestingly, the company didn’t specifically tell about which Ripple solutions are going to work with its Quartz platform. It may be RippleNet, or it may also be xRapid. We’ll have to wait for a while to know about it. But since Quartz platform utilizes R3’s Corda Enterprise Blockchain platform, XRP integration in Quartz will be an easy affair due to in-built support for it in Corda. For more details we’ll have to wait.
Launched a few months back, Quartz is an API that allows TCS clients to easily connect to other existing distributed ledger based payment networks for real-time settlement of cross-border transactions. Since Ripple is emerging as a major force in cross-border remittances, it was only a matter of time for Quartz to start supporting it. And now it has happened. We’ll keep an eye also on the other developments related to this thing and will let you know as they unfold in the coming days.