• Fri, 26 Apr 2019, 06:10 AM
  • All times are UTC
  • Edition:
Link copied

TCS’ Quartz Blockchain powers cross-border securities settlement Maroclear and Kuwait Clearing Company

Thu, 11 Apr 2019, 06:38 am UTC

Indian IT giant Tata Consultancy Services (TCS) has announced that a cross-border securities settlement between two central securities depositories (CSDs) was recently carried out successfully using Quartz Blockchain.

In a press release dated April 10, TCS said that the transaction between Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait, marked the world’s first cross-border securities settlement between two CSDs. It was executed using cash coins on the BaNCS Network, powered by Quartz Blockchain.

Cash coins, similar to stablecoins, are a form of a digital currency pegged to a fiat currency at a fixed market rate and maintained on a private, permissioned blockchain network. They enable seamless and real-time DVP (delivery versus payment) settlement of cross-border securities transactions, TCS said.

The BaNCS Network is a private permissioned blockchain ecosystem through with the 450 TCS BaNCS customers – from banking, market infrastructure, custody and insurance domains – can collaborate by seamlessly connecting to a single ledger and accessing information and services in real-time.

TCS’ Quartz Blockchain solutions aim to help organizations across multiple domains leverage blockchain meaningfully for their businesses. It comprises of Quartz Smart Solutions, Quartz DevKit, Quartz Gateway, and Quartz Command Center. Use cases include contract authoring, settlements, cross border remittances, and reward points.

R Vivekanand, Vice President and Co-Head, TCS Financial Solutions, explained the BaNCS Network was developed to leverage the power of Blockchain to deliver exponential value from ecosystems.

“We are pleased to see our TCS BaNCS customers, Maroclear and Kuwait Clearing Company, leverage this capability, vindicating our commitment to provide sustained long-term value and innovation to our customers. Real-time cross-border settlement with cash coins reduces risks, costs and has the potential to create enhanced liquidity in markets in Middle East and Africa,” he added.

The trial run by the two CSDs involved creating a set of equities and fixed income securities from the Kuwaiti and Moroccan markets on the BaNCS Network implemented on Quartz Blockchain, along with segregated accounts to hold these securities.

Using Quartz’s Smart Solution for Cross-Border Settlements, the cross-border settlement instructions for these securities were matched and settled instantaneously on the blockchain ledger. The notifications on the status of transactions were published on the BaNCS Network and instantaneously made available to the respective CSDs.

“These transactions were settled using cash coins held in the Quartz Blockchain in a true delivery versus payment (DVP) settlement model,” the release said.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
  • Bitcoin (BTC) $5,316.20 (-2.49%)
  • Ethereum (ETH) $156.39 (-4.70%)
  • XRP (XRP) $0.293200 (-2.25%)
  • Bitcoin Cash (BCH) $269.36 (-3.44%)
  • Litecoin (LTC) $72.72 (-0.47%)
  • Bitcoin (BTC) $5,316.20 (-2.49%)
Apr 26, 2019 (Friday)
Marsh to rollout proof of insurance blockchain platform
Wirex partners with Stellar network, announces plan to launch 26 stablecoins
FINRA establishes new office focused on fintech innovation
Apr 25, 2019 (Thursday)
Sumitomo Mitsui Banking Corporation to launch services on Marco Polo blockchain
Brave rolls out new opt-in feature to reward users with BAT tokens for viewing ads
China’s FX reserve regulator to pilot blockchain-based cross-border trade finance platform
NTT’s Thai subsidiary to open innovation lab with focus on Blockchain, AI, IoT
US SEC’s FinTech Forum to discuss DLT innovations and use cases for financial markets
Crypto wallet startup Ledger secures investment from Samsung amid leadership changes
MUFG-backed Chainalysis adds support for 4 more cryptos to real-time transaction monitoring tool
Siam Commercial Bank, PTTEP complete cross-border transactions using Ripple’s technology
Samsung working on Ethereum-based blockchain, could issue own token: Report
Apr 24, 2019 (Wednesday)
Bitfury, Final Frontier launch regulated bitcoin mining fund
Liverpool FC to partner with TRON
Samsung SDS launches next version of enterprise blockchain platform ‘Nexledger’
South Korean hospital to integrate blockchain-based health data management solution
Disney in talks to acquire Bitstamp and Korbit owner Nexon: Report
University of Nevada, Reno teams up with blockchain startup Filament on smart city mobility project
Crypto exchange Coinbase shuts Chicago division
MIT and other universities team up to explore blockchain potential for management of academic credentials
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.