Tech Mahindra Ltd has partnered with a Netherlands-based blockchain application service provider called Quantoz. In order to launch a new scheme of a blockchain solution for global banks and financial institutions.
The usage of Stablecoins as a mode of payment can result in reducing transaction costs and processing time. Also while providing the potential to audit and high security.
“This collaboration is in consideration of the OCC (Office of the Comptroller of Currency) announcement allowing federally chartered US banks to use stable coins 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,” Tech Mahindra said in a statement.
Stablecoins are digital tokens that offer stability by pegging their value to certain assets like fiat currency or commodities. however, to optimize digital payments, stable coins also enable enhanced functionalities like the internet of things (IoT) payments, micropayments, programmable payments, and cross spending across payment ecosystems.
Henceforth, 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.
Blockchain stands as an important pillar in Tech Mahindra’s digital transformation portfolio. Therefore, it is increasingly becoming a part of the company’s wide range of business proposals. Tech Mahindra provides a holistic framework called ‘Block Ecosystem’ which can be used to create valuable applications that create value for clients.
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