Tata Consultancy Services Limited has expanded its partnership with Euroclear Group to drive the next phase of transformation for Sweden's Central Securities Depository (CSD). As part of this initiative, Euroclear Sweden will deploy TCS BaNCS for Market Infrastructure and Quartz, TCS' digital solutions, to build a resilient and scalable CSD platform aligned with evolving European market standards.
TCS BaNCS for Market Infrastructure will enable Euroclear to support end-to-end operations across asset classes, including core registry, depository services, cross-border settlement, and asset servicing. TCS' Quartz will leverage distributed ledger technology and AI to support tokenized assets, decentralized settlements, and real-time actionable insights.
The solutions will help Euroclear implement its Nordic transformation strategy through the deployment of a modern, cloud-ready CSD platform across Sweden and Finland. The unified platform will enable continued compliance with European standards and enhance straight-through processing. The implementation will be achieved through a phased IT transition, including the migration of the Swedish market to the European Central Bank's TARGET2-Securities (T2S) platform for secure and efficient pan-European settlement.
Hanna Vainio, CEO of Euroclear Sweden and Finland, said the collaboration is a pillar of the 'One Nordic' vision, allowing Euroclear to harmonize business and IT practices onto a single platform. TCS is expanding its relationship with Euroclear Group through this multi-country harmonization initiative, building on joint success in Finland, said R Vivekanand, President of BFSI Products and Platforms at TCS.
TCS BaNCS for Market Infrastructure offers a sophisticated double-entry system with support for omnibus and end-investor accounting, as well as multiple settlement models, including a settlement optimization capability that helps manage liquidity across securities and cash. The solution provides compliance with European and global standards including the Central Securities Depositories Regulation (CSDR). Quartz's co-existence approach for supporting both ISO 15022 and ISO 20022 standards enables a seamless transition to ISO 20022.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.