Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that Quartz™ for Markets was named the Best New Post Trade Solution at the 2022 FTF News Technology Innovation Awards.
Instituted by the Financial Technologies Forum, the awards recognize the professionals, financial technology vendors, service providers, industry bodies and regulators that have made significant strides and noteworthy achievements during the year. Winners for this year's competition were determined by votes cast online by readers of FTF News and industry participants.
TCS was recognized for launching an exceptional offering, Quartz for Markets. The offering includes end-to-end services around tokenized securities to Market Infrastructure Institutions (MIIs) - exchanges, depositories, central banks, payment infrastructures, as well as private banks, custodians, and issuers, to drive their future growth.
The collection of business components in Quartz for Markets support the entire post trade life cycle of digital assets, leveraging blockchain technology. It includes services for managing tokenized and digital assets including issuance, custody, secondary market trading, settlement, and surveillance. Quartz for Markets supports digital asset servicing, including e-voting or general meeting services. The solution provides a choice of settlement in fiat currencies, cryptocurrencies, stable coins and digital currencies, including multiple token standards such as ERC/R3 token SDKs and can be deployed on premise or in a SaaS model.
The solution is live at one of the largest depositories in Asia for managing the end-to-end bond issuance lifecycle using blockchain technology. This decentralized ecosystem reimagines the bond issuance process, enabling seamless real-time information exchange among stakeholders.
"The FTF News Technology awards are in their 11th year now and have been recognizing excellence in post-trade processing, and awarding firms who have made significant strides in operational excellence. We are happy to announce that TCS' solution, Quartz for Markets, has won the Best New Post Trade Solution for 2022. This distinction focuses attention on the benefits that the solution brings to middle or back-office systems and in helping the buy side meet crucial operational efficiency demands," said Maureen Lowe, Founder and President, FTF and FTF News.
Commenting on the award, Vivekanand Ramgopal, Global Head, BFSI Products & Platforms, TCS, said, "We are delighted to receive this recognition for Quartz for Markets from FTF. Quartz enables new services around tokenized and digital assets and builds on TCS' position as one of the leading software providers to MIIs. We believe that digital assets will prove to be a significant growth driver and differentiator in the years to come, and that digital and electronic assets will coexist for many years. Our solutions are designed to enable financial institutions to participate in this opportunity, transform to gain an early mover advantage and drive business growth."
Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3222.00 as compared to the previous close of Rs. 3212.00. The total number of shares traded during the day was 94514 in over 10570 trades.
The stock hit an intraday high of Rs. 3249.00 and intraday low of 3184.15. The net turnover during the day was Rs. 304405163.00.