India’s largest IT service company has recently revealed that it is already using Ripple Labs technology after joining the RippleNET family. The company, TATA Consultancy Service (TCS), is a multinational conglomerate and is one of India’s top 3 largest corporations, posting over $19 billion revenues in the year ending March 31, 2018.
TCS has joined the RippleNet family to help boost the efficiency of its international remittance service. In their press release, TCS had stated that the existing payment landscape involves multiple agents, high transaction costs, and delays in completion. Furthermore, they stated there is a lack of transparency on deductions from each transaction.
The Solution – QUARTZ
Their solution is the Quartz Cross Border Remittance Service. This is a solution that enables banks to connect to newer DLT-based payment infrastructures for processing cross-border FX remittance payments. The Quartz gateway connects the TCS BaNCS payment systems, their current payment system with over 450 active integrations and 1 billion+ active accounts, to blockchain-based payment platform RippleNET using APIs.
This is interesting, as Quartz will be able to run alongside RippleNET, allowing the TCS BaNCS payment users to connect to RippleNET through Quartz. This will give access to high-profile TCS BaNCS clients such as General Electric, Citibank UK, and Microsoft to use the RippleNET technology through Quartz.
TCS have stated a range of benefits from this partnership which include near real-time settlements of remittances, significantly lower charges and elimination of overheads.
It is not yet entirely clear which of RippleNet’s technologies the Quartz system will utilize. However, with such a large user base, it can only be beneficial for XRP holders.
Previous Plans To Use R3’s Corda Settler
Furthermore, TATA Consultancy Services announced in March that it will be using the Microsoft Azure blockchain cloud with R3’s Corda Enterprise blockchain platform to drive scaled adoption for blockchain across industries. XRP will be the first cryptocurrency settlement mechanism for the Corda Settler, which will present further opportunities for XRP to be used by TCS.
Will this brand new solution present further opportunities for XRP holders? Or is it just another high profile partnership that will never end up using XRP?Tell us what you think in the comments.