Indian multinational technology company Tech Mahindra is developing a new stable coin service for banks and financial institutions.
The tech giant announced on Monday that it had signed an agreement with Dutch blockchain application incubator Quantoz to launch a “stablecoin-as-a-service” tool to reduce transaction costs and processing times.
The new collaboration is aimed at potential customers in the banking and financial sector, as the US Office for Currency Checkers gave officially approved US banks the opportunity to use public blockchains and stablecoins for billing in January 2021.
Rajesh Dhuddu, blockchain and cybersecurity leader at Tech Mahindra, said, “The OCC’s recent announcement to encourage banks to use stablecoins to process financial transactions will fuel demand and drive innovation in global payments.”
As part of the strategic collaboration, Tech Mahindra will support customers in integrating Quantoz’s Nexus transaction processing platform into their existing infrastructure. The platform supports both fiat and cryptocurrencies and offers a variety of features including transfers, payments, loyalty, and treasury management.
The new partnership marks another milestone in the collaboration between Tech Mahindra and Quantoz, as the companies previously worked together on blockchain-based digital payments. “We look forward to working with Tech Mahindra to bring our solution to new US customers as we have previously worked successfully on other projects,” said Henri de Jong, Quantoz’s chief business development officer.