Ripple has been working really hard to promote the adoption of its products, and the company’s efforts have not been without results.
Tata Consultancy Services (TCS) is a global IT consulting giant which has been working with huge companies such as Microsoft and Citibank UK.
Recently, they revealed that they are providing a brand new way to connect banks and financial institutions to Ripple’s payments technology.
In other words, the company’s Quartz blockchain solution starts working with RippleNet.
Working with RippleNet for cross-border payments
The official announcement says “The Quartz Cross Border Remittances solution enables banks/payments systems to connect to newer DLT based payment infrastructures (like RippleNet) for processing of Cross border FX remittance transactions.”
Also “The Quartz Gateway seamlessly connects the TCS BaNCS Payments system to the blockchain based Payments platform using APIs, and supports services related to FX Quote finalization and debit/credit of beneficiary accounts.”
The TCS is part of Tata Group – an Indian multinational conglomerate holding company.
It’s also very important to note that the global banking platform called TCS BaNCS services more than a quarter of the world’s population – they are currently processing more than a billion accounts which is pretty impressive.
The company didn’t say exactly which one of Ripple’s solutions for cross-border payments they will be using.
They did not say precisely whether they will support xRapid which is Ripple’s XRP-powered solution for cross-border payments.
xRapid honored by Fast Company’s World Changing Ideas Awards
Speaking of xRapid, Ripple’s efforts to revolutionize cross-border payments are recognized more and more these days.
Ripple is placed among the most innovative startups, and it has been honored by Fast Company’s World Changing Ideas Awards for “helping to improve reliability and lower the cost of remittances in the developing world.”
Ripple’s xRapid has been honored together with other 16 other nominees in the “Developing World Technology” category.