- Stablecoins, as a payment method, imparts splendid potential as a more secure mechanism, supplying auditability and possible reduction in transaction charges and time.
- Rajesh Dhuddu believes stablecoins can be banks’ wildcards to upgrade their payment systems and compete with fintech firms.
- Henri de Jong of Quantoz said their “superior stablecoin offering” is sure to introduce “numerous benefits for standard banking services.”
The Indian multinational technology company, Tech Mahindra Ltd. and the Netherlands’ blockchain-based application incubator, Quantoz N.V., collaborated to launch the ‘Stablecoin-As-A-Service’ blockchain solution to aid global banks and financial institutions.
The inclusion of Stablecoins as a payment method imparts splendid potential as a more secure mechanism, supplying auditability and possible reduction in transaction charges and time.
Stablecoins for Payments Activities
Not so long ago, the Office of the Comptroller of Currency (OCC) granted federally chartered U.S. banks and thrifts permission to use stablecoins for payments activities. The OCC’s announcement, promoting blockchain‘s regulated usage, is expected to drive a significant boost in its mainstream adoption, as clearly evident by the launch of ‘Stablecoin-As-A-Service’.
As per Rajesh Dhuddu, Tech Mahindra’s Blockchain and Cybersecurity Practice Leader, stablecoins can be banks’ wildcards to upgrade their payment systems and compete with fintech firms also prevent users from leaving the system in search of more innovative outlets.
What the Partnership Entails
The partnership commits Tech Mahindra to help users fuse Quantoz’ NEXUS platform into their legacy infrastructure, enabling automated token, crypto, and fiat transaction processing for various payment and banking services. The platform is designed to perform multiple functions such as ecosystem payments, loyalty & treasury management, and remittances.
Tech Mahindra’s digital transformation portfolio is greatly supported by blockchain technology and immensely powers its broad and diverse range of business verticals.
Quantoz’ Promising Benefits for Standard Banking Services
The Chief Business Development Officer of Quantoz, Henri de Jong, said that the fintech company has always paid great attention to the interface between the classical financial world and blockchain technology. He also praised that their “superior stablecoin offering” is sure to introduce “numerous benefits for standard banking services”.
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