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TCS To Introduce Quartz Blockchain Technology-based Cross-border Securities Settlement

Tata Consultancy Services (TCS) is an Indian multinational information technology service and consulting company who has made an announcement of introducing a Quartz Blockchain Technology-based cross-border securities settlement. The settlement will be carried out between the Central Securities Depository (CSD) of Morocco Maroclear and the CSD of Kuwait Kuwait Clearing Company (KCC). The company will use cash coins which are maintained on a private permissioned blockchain ecosystem called BaNCS Network.

450 TCS BaNCS customers can make collaborations by connecting to a single ledger and by accessing information & services through the BaNCS Network. They can be from banking, insurance domains, market infrastructure, and custody.

Cash coins are actually forms of cryptocurrencies. They are pegged to fiat currencies. Enabling a seamless and real-time Delivery versus payment (DVP) settlement is a purpose of the Cash coins. The settlement is for cross-border securities transactions. Liquidity requirements can be reduced and settlement risks can also be reduced through the settlement.

The Chief Executive Officer (CEO) at Kuwait Clearing Company (KCC) Khaldoun Altabtabaie said, “At KCC, we want to be at the forefront of innovation in Kuwait and the region, which is a key factor in fulfilling our ambitious strategy to develop the market. Along with managing and implementing the post trade market transformation plans, we explored blockchain technology in order to introduce new services and operational efficiencies in the financial market. The seamless integration of the Market Infrastructure solution from TCS BaNCS with Quartz Blockchain now opens up new opportunities for us to explore the usage of Blockchain in the Kuwaiti market.”

The CSD of Morocco Maroclear was launched in 1997. Maroclear takes responsibilities viz., to ensure securities dematerialization and to ensure securities DVP management. Whereas the Kuwait Clearing Company (KCC) was set up in 1982. Trading of securities is carried out at Boursa Kuwait. Clearing and settlement services are offered to the securities through KCC. Listed and unlisted equity securities and debt instruments are provided with depository and registrar services through KCC.

The Indian multinational information technology service and consulting company Tata Consultancy Services (TCS) is an IT services, consulting and business solutions organization. A consulting-led, cognitive powered, integrated portfolio of it, are provided through TCS. Business & technology services and engineering are also provided through TCS, the official TCS website reported.

A solution called Quartz Blockchain Technology solution is designed to help organizations in using blockchain. The solution consists of the Quartz Smart Solutions, the Quartz DevKit, the Quartz Gateway, and the Quartz Command Center.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Shabnam Dhar is a Copy Editor for OWLT Market.

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