Tata Consultancy Services (TCS) 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.
Tata Consultancy Services
The company’s 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 solution’s configurable, hierarchical account structure is designed to bring in flexibility to support each country or region’s 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.
TCS is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years.