Tech Mahindra to launch ‘Stablecoin-as-a-Service’ in partnership with Quantoz

Tech Mahindra has now partnered with Quantoz to launch a ‘Stablecoin-as-a-Service' offering for the banking, financial services, and insurance sector.

Quantoz is founded in 2015 and is based in Netherland. It is a multiple awarded company which is having its specialization in building blockchain technology applications.

Blockchain and Cybersecurity practice leader at Tech Mahindra, Rajesh Dhuddu, said, "The recent OCC (office of the comptroller of currency) 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."

Chief Business Development Officer of Quantoz, Henri de Jong, said, "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 TechMahindra as we have previously successfully cooperated on other projects."

The platform will help banks and financial institutions handle multiple functions such as remittances, loyalty management, treasury management, and ecosystem payments.

Tech Mahindra revealed that stablecoins have the potential to reduce transaction costs and processing time, boost security and provide auditability. Stablecoins also can be linked to enhanced functionalities such as micropayments, Internet of Things (IoT) payments, cross spending across payment ecosystems, and programmable payments.

According to the announcement, Tech Mahindra will also help customers integrate the Quantoz Nexus Platform into their legacy infrastructure or application. The integration will enable the automation of crypto, fiat, and token transaction processing from various bank functions.