Banking Capital markets News

Tata Consultancy, IT provider for many global banks, launches digital asset platform

cryptocurrency digital assets

Tata Consultancy Services (TCS) has announced the Quartz Smart Solution for Crypto Services. The IT services company is targeting banks and financial services firms that wish to offer cryptocurrency trading and other digital assets to their customers. TCS boasts numerous big name banks as clients, including three of the U.S. big four and all of the U.K.’s top four. 

Here’s a partial TCS banking client list:

North America: Goldman Sachs, JP Morgan Chase, Bank of America, Citi, State Street, Northern Trust, American Express, Royal Bank of Canada
UK: HSBC, Natwest / Royal Bank of Scotland, Barclays, Lloyds Bank, Nationwide Building Society
Elsewhere:  Standard Chartered, State Bank of India (and numerous other Indian banks), Deutsche Bank

In a recent international banking sales league table, TCS ranked joint first for Universal Core Banking Systems and Investment / Fund Management.

“Cryptocurrencies, digital fiat currencies and digital assets are poised to become viable alternate avenues for investments, hedging and portfolio diversification,” said said R Vivekanand, Global Head, Quartz, TCS. “Progressive financial institutions are looking to provide these options to their clientele.” 

According to TCS, its solution supports cryptocurrencies, stablecoins and digital cash payments.

Security is paramount, and it’s no surprise that the offering includes integration with a hardware security module to enable cryptographic signing of each transaction, including multi-signature wallets. However, some solutions are starting to offer keyless transactions such as Sepior and digital custody firm Curv.

The TCS solution also provides integration with OTC trading desks, automated reconciliations and audit capabilities.

Late last year TCS launched Quartz DevKit for enterprises to let them quickly build smart contracts that can be deployed on Hyperledger Fabric, Ethereum and R3’s Corda. 


Image Copyright: kall1st0 / BigStock Photo