Indian tech giant, Tech Mahindra has partnered with Dutch blockchain specialist, Quantoz, to launch its ‘Stablecoin-As-A-Service’ blockchain solution for financial institutions around the world.
Stablecoins can reduce transaction cost and processing time while providing auditability and enhancing security during digital payments, Tech Mahindra said in a statement to the press.
The US’ Office of the Comptroller of Currency recently announced a ruling 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.
ALSO IN THE NEWS: Cisco looks to deliver the ‘internet for the future’ with revamped product focus
“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,” said Rajesh Dhuddu, Blockchain and Cybersecurity Practice Leader, Tech Mahindra.
Blockchain continues to grow as a major pillar in Tech Mahindra’s digital transformation portfolio and is increasingly crossing the company’s wide range of business verticals. As part of NXT.NOW framework, which aims to enhance ‘Human Centric Experience’, Tech Mahindra focuses on investing in emerging technologies and solutions that enable digital transformation and meet the evolving needs of the customer.
“Quantoz has focused on the interface between the classical financial world and blockchain technology from the very beginning. With our recent ISO 27001 certification for information security management and our compliance-by-design methodology, we believe we have a superior stablecoin offering that can bring numerous benefits for standard banking services. We look forward to bringing our solution to new US customers together with Tech Mahindra as we have previously successfully cooperated on other projects,” said Henri de Jong, Chief Business Development Officer of Quantoz.
