Tata Consultancy Services (TCS), India’s largest IT services, consulting, and business solutions organization. It recently reveals that it is using DLT based payment infrastructures (like RippleNet) to process Cross border FX remittance transactions.
TCS has released a press release in which it revealed about using RippleNet. The reason behind this partnership is the existing Payments landscape, which involves multiple agents, high transaction costs, and delays in completing a remittance transaction.
The above-mentioned challenges lead to poor customer experience and also for the banks involved in the transaction. There is a lack of transparency concerning the costs and deductions made for completing a transaction and huge challenges with reconciliation, stemming from a lack of real-time information on the status of the payment transaction as it traverses systems spanning various intermediaries.
About Quartz Blockchain Solutions
Quartz Blockchain solutions comprise intelligent Smart contract development kits and integration solutions to develop high-quality code for different Blockchain technologies.
The Quartz Gateway seamlessly connects the TCS BaNCS Payments system to the blockchain-based Payments platform using APIs. It supports services related to FX Quote finalization and debit/credit of beneficiary accounts.
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