TCS expands partnership with Euroclear to modernize Sweden's Central Securities Depository
Tata Consultancy Services (TCS) has expanded its strategic partnership with Euroclear Group to drive the next phase of transformation for Sweden's Central Securities Depository (CSD). By deploying advanced digital solutions, TCS is helping Euroclear build a resilient and scalable CSD platform aligned with evolving European market standards.The collaboration involves the implementation of TCS BaNCS and Quartz, two of TCS’ advanced solutions, to support the financial markets in Finland and Sweden as part of a unified Nordic securities ecosystem.
TCS BaNCS for Market Infrastructure is designed to meet the dynamic needs of financial market infrastructure institutions. It supports end-to-end operations across asset classes, including core registry services, depository services, cross border settlement, and asset servicing. Complementing this, TCS’ Quartz utilizes distributed ledger technology and artificial intelligence (AI) to support decentralized settlements, real time actionable insights, and tokenized assets.
The unified platform is intended to help Euroclear execute its Nordic transformation strategy, aiming for standardization and growth. The transition involves a phased IT implementation that includes migrating the Swedish market onto the European Central Bank’s TARGET2-Securities (T2S) platform, ensuring secure and efficient pan European settlement.
Hanna Vainio, CEO of Euroclear Sweden and Finland, stated that this collaboration is a cornerstone of the organization's 'One Nordic' vision. She noted that by integrating regional operations onto a single resilient platform, the partnership is enhancing efficiency for clients and reinforcing Euroclear’s position as the preferred Nordic CSD.
R Vivekanand, President of BFSI Products & Platforms at TCS, expressed satisfaction with the expanded relationship. He stated that building on their joint success in Finland, the firm is committed to bringing high levels of functionality and technology standards to the Nordic market using TCS BaNCS and Quartz.
TCS BaNCS for Market Infrastructure provides a sophisticated double entry system supporting both omnibus and end investor accounting. Furthermore, the solution includes a unique settlement optimization capability designed to manage liquidity across securities and cash. The platform ensures compliance with multiple global standards including Central Securities Depositories Regulation (CSDR), Securities Market Practice Group (SMPG), and Joint Working Group on Corporate Actions (CAJWG). Quartz’ co existence approach allows for seamless transition to ISO 20022 by supporting both ISO 15022 and ISO 20022 standards.
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