Tech Mahindra, Quantoz come together to launch blockchain solution
Tech Mahindra Ltd has entered into an agreement with the Netherlands-based Blockchain technology application incubator Quantoz to launch ‘Stablecoin-As-A-Service’ blockchain solution for global banks and financial institutions.
The usage of Stablecoins as a payment mechanism has significant potential to reduce transaction costs and processing time, while providing auditability and enhancing security, Tech Mahindra said in a statement.
This collaboration is in consideration of the Office of the Comptroller of Currency (OCC) announcement allowing federally chartered US banks to use stablecoins for standard banking functions like payments and transactions. This will accelerate the regulated use of blockchain and has the potential to boost its adoption across banking vertical.
“The recent OCC announcement promoting the use of stablecoins for the settlement of financial transactions by banks will spur demand and drive innovation in global payments. Tech Mahindra’s strategic collaboration with Quantoz will enable lower transaction processing costs, bring-in military-grade security and drive faster settlements. Banks can benefit significantly from stablecoins as they will help them compete with Fintech, that are transforming payment systems and prevent exit of customers to other avenues for payments and money remittances,” Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader at Tech Mahindra said.
As part of the engagement, Tech Mahindra will help customers integrate Quantoz’ NEXUS platform into their legacy infrastructure, which will enable automated token, crypto and fiat transaction processing for a variety of banking and payment functions.