TCS powers cross-border securities settlement for two CSDs using Quartz

R Vivekanand, VP & Co-Head, TCS Financial Solutions

TCS has announced the cross border securities settlement between two central securities depositories(CSD)- Maroclear(Moroccan CSD) and Kuwait Clearing Company (Kuwait CSD), with the help of cash coins on the BaNCS Network, powered by the Quartz Blockchain.

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

“We have demonstrated that by using disruptive technologies like Blockchain, we can overcome limitations in prevailing business models and create new business opportunities for our customers. With our strategic vision of providing innovative technology solutions to our financial markets, we have expanded our decade-long relationship with TCS alongside the capabilities of TCS BaNCS, the BaNCS Network and Quartz Blockchain solutions in exploring new operational opportunities to enable the cross-border settlements landscape in the Moroccan and African markets,” said Fathia Bennis, CEO, Maroclear.

Quartz Blockchain solutions allow organizations to integrate their existing solutions with blockchain ecosystems. The solution compromises of Quartz Smart Solutions, Quartz DevKit, Quartz Gateway and the Quartz Command Center.

R Vivekanand, Vice President and Co-Head, TCS Financial Solutions, said, “The BaNCS Network has been created by TCS to leverage the power of Blockchain to deliver exponential value from ecosystems, a part of TCS’ Business 4.0 vision. 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. A real-time cross-border settlement with cash coins reduces risks, costs and has the potential to create enhanced liquidity in markets in the Middle East and Africa.”

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