TCS' Blockchain Solution, Quartz™ Ranked #1 Best Performing Fraud Management Solution

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) announced that Quartz™ was named an Industry Special Leader and ranked as the number one Fraud Management solution in the IBS Intelligence Sales League Tables (SLT) for 2022.

The IBS SLT is the result of an annual benchmarking exercise that ranks global banking technology suppliers across 22 system categories based on the number of new customer contracts signed in a given calendar year. It has been running for over 21 years and has become a barometer for financial technology supplier sales performance across the banking and financial servicesindustry.

R Vivekanand, Global Head, BFSI Products & Platforms, TCS, said, "We are delighted to see thisindependent recognition of the market success we have had with Quartz's fraud management solution. Our solution uses watch-list screening, blockchain enabled KYC and advanced machine learning for real-time detection of fraud to help clients gain a competitive edge in fraud and risk reduction."

Quartz's fraud management solution covers a comprehensive range of regulatory requirements in financial crime. The solution is continuously enhanced to keep up with evolving market needs in the anti-money laundering space and comes with well-defined APIs that allow for quick and easy integration with external sources and third-party systems. Compliant with global and regional regulations such as FATF, PSD2 and FIU, the solution comes with configurable business rules to determining fraud patterns across banking, spanning debit and credit cards, ATM, SWIFT and local transfers, and direct channels like internet banking, mobile, IVR and instant payments.

The Quartz solution has been designed on the principles of co-existence, interoperability, and integration, making it easy for both institutions and regulators to monitor and manage financial compliance using cuttingedge technology, such as robotic process automation, machine learning and advanced analytics.

Sophisticated machine learning models enable behavioral analysis, network analytics, transaction fraud and anomaly detection to identify outliers and score risks. Quartz provides a holistic client risk profile to ensure a consistent experience for clients across channels and dynamic clustering to detect hidden customer segments.

Robin Amlot, Managing Editor, IBS Intelligence, commented, "We congratulate Tata Consultancy Services on the leadership ranking in the Fraud Management Special Category. With firms expecting continuous compliance with all fraud regulations, blockchain, machine learning and network intelligence and analytics are critical to a fraud management system."

Shares of Tata Consultancy Services Limited was last trading in BSE at Rs. 3115.85 as compared to the previous close of Rs. 3167.30. The total number of shares traded during the day was 96329 in over 7997 trades.

The stock hit an intraday high of Rs. 3166.95 and intraday low of 3096.55. The net turnover during the day was Rs. 301404361.00.

Source : Equity Bulls

Keywords

TataConsultancyServices INE467B01029 TCS Quartz IndustrySpecialLeader IBSIntelligenceSalesLeagueTables