Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, which has implemented Quartz Blockchain Solution has been named a Leader in the Gartner Magic Quadrant for Global Retail Core Banking1. Among the vendors evaluated in this report, TCS was positioned highest for its Ability to Execute.
“Across the globe, progressive banks are investing in a modern digital core to serve as a foundation for their Business 4.0™ transformation to speed up time to market, engage with a larger ecosystem, enhance customer experience, and build competitive differentiation,” said Venkateshwaran Srinivasan, Head, TCS Financial Solutions. “We believe our positioning as a Leader in this report for the 11th consecutive year is a reflection of our continuous investments in the TCS BaNCS™ product suite – from a functionality and technology perspective.”
TCS BaNCS’ modern service-oriented architecture, aligned to BIAN, and support for open-banking has made it a critical component of banks’ Business 4.0 transformations, enabling a digital strategy for customer engagement and participating in a rich partner ecosystem. The solution has one of the richest collections of API-enabled components addressing retail, corporate and private banking and wealth management, including digital banking for all segments. It supports industry standards such as ISO20022 and IFX. Additionally, TCS BaNCS has ready-to-use connectivity to blockchain-based applications and networks with TCS’ Quartz Blockchain solutions.
Quartz Blockchain solutions are targeted at helping organizations across multiple domains leverage blockchain meaningfully for their businesses. Quartz Blockchain solutions comprises of Quartz Smart Solutions – A set of ‘Designed for Blockchain’ business solutions across industries, Quartz DevKit – Smart contract development kits that enable development of high quality code for different Blockchain technologies, Quartz Gateway – Solutions which easily integrate existing applications with blockchain ecosystems/networks and Quartz Command Center – Solutions that facilitate administering and monitoring of the entire ecosystem.
It can be used for Bancs network, contract authoring , settlements, cross border remitances and reward points
“With its immense flexibility, TCS BaNCS enables the launch of new and innovative products faster. Its architectural features enable easier integration with third party systems and participation in the larger ecosystem, to support our customers’ digital ambitions and power their growth aspirations,” added Venkateshwaran Srinivasan.