TCS enhances capabilities of Quartz™ solution for Central Bank Digital Currency lifecycle

11 Oct 2022 , 06:25 PM

Tata Consultancy Services announced that it has enhanced its award-winning Quartz? solution to enable central and commercial banks to support the entire lifecycle of Central Bank Digital Currency (CBDC) issuance, book-keeping and transactions. The digital equivalent of government-issued bank notes, a CBDC can help a central bank move towards a globalized, secure, cost-effective, and traceable payments settlement system, while also promoting financial inclusion and helping counter threats that can arise from unregulated cryptocurrency markets. The use of Distributed Ledger Technology in a permissioned blockchain model makes CBDC deployment architecturally different from other crypto assets, while its real-time connectivity between market participants will ensure instant payments and reduced transaction costs. TCS award-winning Quartz solution provides the capability to issue, trade and settle a variety of traditional as well as tokenized assets, and handle payment transactions. It bridges the conventional and digital world, helping organizations manage issuance and transactions of various kinds of digital assets, without the need for a central third party. With the enhanced solution, central banks will be able to manage the issuance and distribution of CBDCs while commercial banks can transact with other banks and payment services providers using CBDCs as well as offer their customers the ability to hold CBDC balances. The Quartz solutions configurable, hierarchical account structure is designed to bring in flexibility to support each country or regions CBDC adoption model guided by the local monetary policy and financial inclusion strategies. This account structure allows CBDC balances to be held in consolidated as well as segregated form, along with near real-time synchronization with central bank systems. The Quartz solutions configurable, hierarchical account structure is designed to bring in flexibility to support each country or regions CBDC adoption model guided by the local monetary policy and financial inclusion strategies. This account structure allows CBDC balances to be held in consolidated as well as segregated form, along with near real-time synchronization with central bank systems.Powered by Capital Market – Live News