One of India’s leading companies, Tata Consultancy Services (TCS), has completed a cross-border securities settlement between two Central Securities Depositories (CSDs) over the blockchain. The pilot project, implemented on the Quartz blockchain, involved a set of equities and fixed income securities from Maroclear (Morocco) and Kuwait Clearing Company (Kuwait).
The cross-border settlement instructions for these securities, held in segregated accounts, were matched and settled instantaneously on the blockchain. The transactions were available on the BaNCS network and made available to the CSDs. Interestingly, these transactions were settled with cash coins – a stablecoin maintained on a private network.
TCS created the BaNCS network on the Quartz blockchain to leverage the power of blockchain technology for its clients. The BaNCS network is a permissioned blockchain system through which its customers can collaborate for various services.
The BaNCS Network has been created by TCS to leverage the power of Blockchain to deliver exponential value from ecosystems, a part of TCS’ Business 4.0™ vision. We are pleased to see our TCS BaNCS customers, Maroclear and Kuwait Clearing Company, leverage this capability, vindicating our commitment to provide sustained long-term value and innovation to our customers. Real-time cross-border settlement with cash coins reduces risks, costs and has the potential to create enhanced liquidity in markets in Middle East and Africa.R Vivekanand, Vice President and Co-Head, TCS Financial Solutions