Tata Consultancy Services (TCS) is a global IT consulting giant which boasts really important clients such as General Electric, Microsoft, and Citibank UK.
They said that they are offering a brand new way to connect banks and financial institutions to Ripple’s suite of cross-border payments tech.
Quartz blockchain solution working with RippleNet
TSC said that its Quartz blockchain solution is now working with RippleNet.
The official announcement says “The Quartz Cross Border Remittances solution enables banks/payments systems to connect to newer DLT based payment infrastructures (like RippleNet) for processing of Cross border FX remittance transactions.”
Also “The Quartz Gateway seamlessly connects the TCS BaNCS Payments system to the blockchain based Payments platform using APIs, and supports services related to FX Quote finalization and debit/credit of beneficiary accounts.”
They went further and explained that “existing/core systems operational at banks/other payment institutions need not undergo changes in connecting to the blockchain platform.”
The TCS is part of Tata Group which is an Indian multinational conglomerate holding company.
They said that the global banking platform called TCS BaNCS services over a quarter of the world’s population. They are processing more than 1 billion accounts.
The company did not say yet which one of Ripple’s solutions for cross-border payments they will be using or if they will support Ripple’s XRP-powered xRapid.
The Daily Hodl believes that this is a huge move that will eventually support Ripple and XRP enhanced adoption.
The first fiat ILP connector has been launched
Lately, Ripple has been making considerable efforts to support the adoption of its products, and even if things might not be moving as quickly as expected, they’re still going in the right direction.
The crypto space has recently celebrated the launch of the very first fiat InterLedger Protocol (ILP) connector.
This is expected to be a massive step towards interoperability with traditional financial systems. It’s also likely to gain significant adoption as well. XRP is also expected to benefit from this.
