Tata Consultancy Services (TCS) announced that its TCS BaNCS Network Solution won the Best Blockchain Breakthrough of the Year. This development was on 16 July.
TCS introduced itself as leading global IT services, consulting, and business solutions organization. TCS also informed that its solution was powered by Quartz blockchain. The event which presented this award was the 2019 FTF News Technology Innovation Awards. The IT giant continued that this recognition was instituted by the Financial Technologies Forum. The forum commends professionals and other bodies that have made noteworthy achievements.
Maureen Lowe, President, and Founder, FTF cited –
“We congratulate the more than 75 nominated companies and 26 winners of this year’s FTF Awards, and we thank our readers and industry participants for submitting 15,000-plus votes. The FinTech space continues to be a very exciting and competitive industry, and it can also be one of the most rewarding. Being recognized as one of the top solution or service providers by clients and peers is a great honor, and one that the nominees and winners should be proud of.”
TCS further added on its recognition being attributed to the successful completion of a pilot project involving two financial institutions in Africa. The solution encompassed exchanging cross-border corporate actions information on a real-time basis. TCS noted that the project was applicable to a wide range of equities and fixed income instruments while using the TCS BaNCS Network. The IT major indicated that surplus blockchain nodes were configured, demonstrating the ability to extend the ecosystem to other parties.
R Vivekanand, Co-Head, TCS Financial Solutions expressed that smart businesses were finding innovative ways to leverage the power of ecosystems. He opined that Quartz uses the power of blockchain technology to achieve its purpose. Vivekanand conveyed enthusiasm having received the award as a reflection of their thought leadership and ability.
Recently, there was news about Nedbank Insurance’s Core Transformation powered by TCS BaNCS winning the 2019 Celent Model Insurer Award. In pursuit of its mission, Nedbank launched a core transformation program powered by TCS BaNCS, catering to both life and general insurance products.
TCS concluded by elaborating on Quartz blockchain. Quartz blockchain can help organizations in setting up connected frameworks that run on blockchain technology, delivering real-time, efficient transaction processing. There is also no need for intervention from intermediaries. The solutions provide the blockchain platform of choice, as well as providing seamless integration of network participants.