Crunchfish and Tata Consultancy Services enter alliance agreement to offer offline payments for CBDCs

Crunchfish and Tata Consultancy Services (TCS) have entered into an alliance agreement targeting Central Bank Digital Currency (CBDC) projects around the world where Crunchfish will augment the Quartz solution for CBDCs with offline payments capabilities. A part of the Tata group, India's largest multinational business group, TCS has over 601,000 of the world’s best-trained consultants in 55 countries. 

Quartz™ provides foundational technology, tools and business components that harness the power of next-gen technologies including DLT, AI/ML for organizations across varied industries. As a highly resilient technology, DLT can seamlessly integrate CBDCs with data-intense banking operations in a secure manner and enable a retail digital payments transformation. Crunchfish complements by providing resilience on the edge by device-agnostic trusted client applications that may be used for offline payments in both CBDCs and commercial payments systems.

Crunchfish and TCS have entered into an alliance agreement to augment the Quartz solution for CBDCs with offline payments enabled by Crunchfish’s patented Digital Cash solution. Offline payment availability is considered essential in CBDC projects to enable cash-like functionality in digital form. Crunchfish and TCS will work together to offer this combined solution for customers looking to integrate CBDCs into their business landscape.   

“We are extremely pleased to complement TCS’s Quartz solution with device-agnostic trusted client applications. “We will work closely with TCS to promote solutions to central banks and other parties that require secure, scalable, and resilient solutions in the backend as well as the frontend.", says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the above for publication on 1st July 2024 at 08:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About QUARTZ – https://www.tcs.com/quartz

Quartz provides foundational technology, tools and business components that harness the power of next-gen technologies including DLT, AI/ML for organizations across varied industries. Quartz caters to organizations across Industry segments including Financial Services, Banking, Supply Chain, Energy & Utilities and eGovernance. Backed by awards from the Asian Banker (Best Fraud Prevention Technology Implementation 2023), Financial Technology Forum (Best New Post Trade Solution of the Year 2022), Asset Servicing Times (Outstanding Innovation Award 2022) and recognition from Analysts (ranked #1 Best Performing Fraud Management Solution by IBS Intelligence 2022) Quartz can help organizations operate at the forefront of technology innovation. To know more about Quartz, please visit: https://www.tcs.com/quartz

About TATA CONSULTANCY SERVICES (TCS) - www.tcs.com

Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 56 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.

A part of the Tata group, India's largest multinational business group, TCS has over 601,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $29 billion in the fiscal year ended March 31, 2024, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com.

TCS media contacts:

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a device-agnostic generic trusted client application platform for offline payments, tokenized card payments as well as other mobile client / server systems. Crunchfish has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.