TCS Conducts World’s First Cross Border Securities Settlement on Blockchain

Tata Consultancy Services (TCS), the nation’s premier software solution provider and leader in blockchain technology has conducted the world’s first successful cross-border securities settlement between two central securities depositories on the blockchain.

The cross-border securities settlement happened between Maroclear, the CSD of Morocco, and Kuwait Clearing Company, the CSD of Kuwait, using cash coins on BaNCS Network, that is powered by Quartz Blockchain.

The settlement between the two CSDs witnessed a set of equities and fixed income securities from both the Kuwaiti and Moroccan markets were created on the BaNCS network and was implemented on Quartz Blockchain. The cross border settlement instructions for these securities were matched and settled instantaneously on the blockchain platform.

R Vivekanand, Vice President and Co-Head, TCS Financial Solutions, said:

“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. The real-time cross-border settlement with cash coins reduces risks, costs and has the potential to create enhanced liquidity in markets in the Middle East and Africa.”

The BaNCS network is a private blockchain ecosystem through which BaNCS customers across banking, market infrastructure, custody and insurance providers can collaborate seamlessly connecting single ledger and access information and services on a real-time basis.

Instantaneous settlement on the blockchain helps to significantly reduce the currency risk associated with such transactions like rate fluctuations during settlement and also has the potential to significantly reduce the liquidity requirements.

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