Tech Mahindra, Quantoz to launch ‘Stablecoin-As-A-Service’ solution

Tech Mahindra, Quantoz to launch ‘Stablecoin-As-A-Service’ solution

Indian multinational technology giant- Tech Mahindra and Quantoz- a Netherlands-headquartered blockchain technology application incubator that specializes in developing and implementing blockchain-led solutions, have collaborated to launch ‘Stablecoin-As-A-Service’, a blockchain technology for banks and financial institutions across the globe.

The collaboration between the two firms is in reflection to the Office of the Comptroller of Currency (OCC) announcement which allows federally chartered banks in the US to adopt stablecoins for standard banking functions such as transactions and payments. This will help speed up the regulated use of blockchain and boost its use across various bank verticals.

Use of stablecoins as a payment solution carries considerable potential to limit the cost of transactions and processing time, whilst offering improved security and auditability.

Essentially, stablecoins are digital tokens that provide stability by pegging their value to particular assets such as commodities or fiat currencies. To optimize the digital payment solutions, stablecoins allow improved functionalities like IoT payment, programmable payments, micropayments, and cross spending across different payment platforms.

According to Rajesh Dhuddu, Cybersecurity and Blockchain Practice Leader at Tech Mahindra, the recent announcement by OCC will promote the use of stablecoins for financial transactions by the bank, driving advancements in the global payment system. Moreover, the partnership between Tech Mahindra and Quantoz will help reduce the cost of transactions, bring military-grade security, and offer faster settlements.

Rajesh further mentioned that the banks can benefit from stabelcoins as it will help them compete with financial institutions, that are changing the payment systems and preventing the exit of customers to other avenues for money remittances and payments.

Citing reports, as a part of the new offering, the Indian IT company will help customers to integrate the Quantoz’ NEXUS ecosystem into their infrastructure, which will further allow automated token, fiat, and crypto transaction processing for several payments and banking functions.

Additionally, the platform is capable of monitoring various functions like remittances, ecosystem payments, treasury management, and loyalty management.

Source Credit: https://www.expresscomputer.in/news/tech-mahindra-to-launch-stablecoin-as-a-service-blockchain-solution-with-quantoz-for-global-bfsi-customers/74531/