Banks get Distributed Ledger Technologies from TPG Software and TerraLedger
TPG Software Inc. and TerraLedger announced a strategic partnership that will enable the use of distributed ledger blockchain technologies among TPG Software’s existing customers (banks, broker dealers and credit unions). These technologies enable participants to complete financial transactions with greater speed, security, cost-efficiency and transparency. In addition, TPG Software named TerraLedger the preferred blockchain ledger technology provider for its TPG Blockchain Enabled Banking Treasury Solution serving more than 150 depository institutions.
TPG Software will provide tools, services and connectivity for TerraLedger’s Blockchain, as well as development resources and customer support. TerraLedger’s solutions will drive faster experimentation, provide technical agility and accelerate learning as the financial services move toward validated and certified distributed ledger technology implementations. Utilizing a decentralized architecture, cryptography and digital signatures, TerraLedger is a consortium chain infrastructure system that provides a distributed, permissioned, triple-entry accounting consensus ledger as a middleware solution. The platform offers a high level of assurance, as well as adding valuable characteristics to identity management.
TerraLedger is capable of thousands of transactions per second and uses an asynchronous Byzantine fault-tolerant infrastructure for its decentralized chained transaction ledger and file storage. “With intelligent, cloud-based technology, TerraLedger and TPG customers can adopt this new turn-key technology faster, accelerating distributed ledger technology deployment,” said Slavek Rotkewicz, president at TPG Software. “Our collaboration and focus on smaller and more agile institutions opens the opportunities to improve business processes where it is needed the most.”
“The partnership between TPG Software and TerraLedger will enable the use of distributed ledger technology in a way that will improve the workflow in capital markets,” said Adam Richard, CEO of TerraLedger. “The TPG Capital Markets Solutions and TerraLedger platform will bring capabilities to this sector during the time where focus on cost is essential due to low rates, and the commitment by TPG Software will accelerate the adoption of distributed ledger technology and take the TPG and TerraLedger offering to a new level of cost efficiency.”
TerraLedger and TPG Software’s partners include Bloomberg LP, The YieldBook, ZM Financial and numerous others that will aid in the development, datafeeds and deployment of distributed ledger applications in a cloud, hybrid and local environments.