CSCS to begin cross-border data exchange in Africa

CSCS to begin cross-border data exchange in Africa

CSCS to begin cross-border data exchange in Africa

The Central Securities Clearing System Nigeria Plc has completed an innovative pilot scheme that will allow cross-border data exchange in Africa.

The CSCS, in a statement on Thursday, said the scheme was an innovation of Tata Consultancy Services aimed to create a pan-African ecosystem using the quartz blockchain technology.

It said the innovation was in partnership with the Central Securities Depository of Nigeria and South Africa-based Standard Bank.

According to the statement, the blockchain ecosystem, consisting of the TCS BaNCS network with blockchain nodes for CSCS Nigeria and Standard Bank South Africa, is set up using TCS’ quartz blockchain solution in a coexistent architecture.

It said the power of blockchain was leveraged to enable the exchange of corporate action information on a real-time basis for a wide range of equities and fixed-income instruments over the BaNCS Network.

The Chief Executive Officer, CSCS Nigeria Plc, Haruna Jalo-Waziri, described blockchain as a representation of a unique opportunity for early adopters interested in transforming their businesses and industries.

He said the CSCS was excited to have worked together with TCS BaNCS and Quartz Solutions on the innovative pilot programme that had the potential of generating efficiencies in the financial markets.

Jalo-Waziri said, “This is a significant step towards our vision of being the globally respected and leading central securities depository in the region. Our next steps are to continue exploring ways in which the CSCS can harness the capabilities of blockchain technology in other area of our core operations and extend it to other market participants in the region.”

The Head, Investor Services and Financial Institutions, Standard Bank Group, Charl Bruyns, said the bank was excited to be part of the project that had conclusively demonstrated the ability of Quartz Blockchain to support seamless information exchange between capital market participants.

He stated that he was particularly proud of the TCS BaNCS solution that the bank used to connect to Quartz Blockchain, adding that the innovation enabled the bank to complete the pilot in record time.

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