Australian Stock Exchange signs TCS after shelving its blockchain project
By MYBRANDBOOK
Tata Consultancy Services has signed an agreement with Australia's primary securities exchange, ASX. Under the deal, the Indian IT giant will provide next-generation clearing and settlement platforms to the Australian market. ASX will implement TCS BaNCS for market infrastructure to enable the transformation. The TCS product will be used to replace ASX's existing platform for cash equities clearing and settlement.
The choice is a major departure from its decision in 2017, announced with much fanfare, to be at the vanguard of adopting blockchain-like technology for use in critical financial architecture. The deployment resulted in repeated delays before it was shelved last year.
India-listed TCS's software is used by exchanges around the world including in Finland and Canada for functions it would be expected to perform for ASX's Clearing House Electronic Subregister System, or CHESS, the Australian exchange said on Monday.
"They have a mature product and technology that they use to support quite a lot of customers," ASX Chief Information Officer Tim Whiteley said on a call with analysts and media. "The amount of customisation is minimised," he added.
Vivekanand Ramgopal, TCS's president of banking products, said the ASX contract was "an affirmation of our track record in this mission-critical business".
The failure of ASX's earlier blockchain-based project came after an external review found much of the code had to be rewritten. Digital Asset, is the New York startup that ASX hired at the time.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
Delivering Critical Business Communication Solutions to Enterp
Arya Omnitalk and Syntel’s comprehensive suite of solutions and more than
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
SAMRIDDHI AUTOMATIONS PVT. LTD.
DELL TECHNOLOGIES INDIA PVT. LTD.
LENOVO INDIA PVT. LTD.
TECHROUTES NETWORK PRIVATE LIMITED
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : RITESH AGARWAL
Ritesh Agarwal is an Indian billionaire entrepreneur and the founder a...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
PARTNER SPEAKERS
PSU
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
C-DOT - Center of Development of Telematics
India’s premier research and development center focused on telecommu...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - REVATHI ADVAITHI, CEO- Flex
Revathi Advaithi, the CEO of Flex, is a dynamic leader driving growth ...
Indian Tech Talent Excelling The Tech World - Vinod Dham, Founder & Executive Managing Partner, IndoUS Venture Partners
Vinod Dham, known as the “Father of the Pentium Chip,” has left an...
Indian Tech Talent Excelling The Tech World - Dheeraj Pandey, CEO, DevRev
Dheeraj Pandey, Co-founder and CEO at DevRev , has a remarkable journe...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
