TCS launches crypto trading solution for banks, other financial institutions

Information technology (IT) services firm Tata Consultancy Services (TCS) said it has launched a trading solution to allow customers of banks and other financial institutions to make investments and portfolio diversification into cryptocurrencies and digital assets.

Dubbed Quartz Smart Solution, the digital offering will provide secure trading in multiple cryptocurrencies and stable coins, digital currencies linked to fiat currencies, trading venues and public blockchain networks, the Mumbai-based company said in a statement. Quartz is the IT firm’s platform for blockchain solutions.

The solution will help financial companies offer their customers the ability to transfer payments in the form of digital cash, and benefit from lower transaction costs and quicker access to liquidity, TCS said. The solution is integrated with a hardware security module that enables cryptographic signing of each transaction, thereby ensuring security and authenticity of each transaction, it added.

“Cryptocurrencies, digital fiat currencies and digital assets are poised to become viable alternative avenues for investments, hedging and portfolio diversification. This is ahead of the curve robust, secure and scalable solution for trading, storing and transfer of these assets,” R Vivekanand, global head for Quartz at TCS, said.  

TCS said that the solution will have multi-signature wallets with an in-built authorisation engine that enables configurable transaction approval policies, blockchain forensic checks, auto reconciliation and compliance alerts, exchange and over-the-counter desk connectivity and audit capabilities. These features are expected to ensure that a transaction is executed only after proper validation as well as authorisation by the user, it added.

The country’s largest software exporter’s Smart Ledgers solution suite, apart from Smart Solutions, comprises Quartz DevKit, a low code smart contract development kit to enable programming of high-quality code on multiple technologies; Quartz Gateway to integrate existing solutions with multiple ecosystems; and Quartz Command Centre that can administer and monitor entire ecosystems.

Earlier this week, Danish non-life insurance firm Tryg expanded its decade-long partnership with TCS to digitalise its core IT operations that will also see the IT firm deploying an enterprise cloud platform to leverage its machine first approach. 

Last month, TCS remotely deployed its DynaPORT solution at the Mundra shipping terminal of Adani Ports and Special Economic Zone (APSEZ). 

Armonk, New York-based technology giant IBM recently announced an expanded partnership with TCS to help clients accelerate digital and cognitive enterprise transformations to IBM public cloud using IBM Cloud Paks, which will also see TCS establishing an IBM enterprise cloud architecture unit.