Tech Mahindra, an Indian multinational tech company, is developing a new stable service target targeting banks and financial institutions.

The tech giant announced on Monday that it has entered into an agreement with the Dutch cooling application incubator Quantoz to launch a stack coin as a service tool to reduce transaction costs and processing times.

The new partnership targets potential clients in the banking and financial sector, as the Office of the Comptroller officially authorized US federal banks to use public blockchains and stablecoins for settlement in January 2021.

“The recent OCC announcement encouraging the use of stablecoins to settle financial transactions by banks will drive demand and drive global innovation in payments,” said Rajesh Dodo, Director of Blockchain and Cybersecurity at Tech Mahindra.

Through a strategic partnership, Tech Mahindra will help customers integrate the Quantoz Nexus transaction processing platform into their legacy infrastructure. The platform supports both fiat and cryptocurrencies, and offers several features, including transfers, payments, loyalty, and government administration.

The new partnership marks another milestone in the collaboration between Tech Mahindra and Quantoz, as the two companies previously collaborated on blockchain-based digital payments. “We look forward to introducing the solution to new clients in the US using Tech Mahindra, as we have previously collaborated on other projects,” said Henri de Jong, Quantoz’s Director of Business Development.