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TCS BaNCS works across Euroclear Finland network

New platform for book entries


New platform for book entries

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS) said its flagship product TCS BaNCS has been implemented by Euroclear Finland for all asset classes.

This is the first transformation in Europe, where a CSD replaced its core legacy system.

In addition, Euroclear also made significant enhancements and upgrades to its issuance and post trade services.

‘Infinity’, powered by TCS BaNCS for market infrastructure, is a program that replaces legacy platforms with a single modern, standards-based settlement and safekeeping platform.

The new platform enables flexibility and agility for issuance of book-entries, clearing and settlement of transactions with unique coexistence of ISO 15022 and 20022 standards, and state of the art corporate actions processing at a CSD.

‘Infinity’ is also connected to the TARGET2, Bank of Finland’s system for cash settlement. The new platform replaces existing Euroclear systems, and covers all asset classes including fixed income, equities, warrants and mutual funds.

Outlining the selection rationale Euroclear Finland CEO Hanna Vainio said, “We are driven by customer demand for streamlined, standards-based, and cost-efficient services. With the EU’s Central Securities Depositories Regulation (CSDR), the European Central Banks’ TARGET2-Securities platform (T2S) and General Data Protection Regulation (GDPR) now driving the regulatory push, our need to modernise was unavoidable, but it also presented us an opportunity to take advantage of the harmonisation of the European securities market. With Infinity powered by TCS BaNCS, we will now future proof our IT infrastructure and deliver high speed digital customer experience.”

Commenting on the go-live, TCS Financial Solutions vice president and co-head R Vivekanand said, “Euroclear Finland is now among the most advanced CSDs in Europe, supporting both nominee and direct holding account structures, total STP and compliance to CSDR and GDPR guidelines. We in TCS are proud to have been part of this landmark transformation programme that makes Euroclear Finland ready for the future and agile in meeting its customer’s demands.”

TCS BaNCS for market infrastructure provides a most comprehensive depository, issuance and settlement solution and is now the safekeeping platform for all assets in the book-entry system of Euroclear Finland. TCS BaNCS supports a layered account model supporting both nominee and direct holding account structures, and corporate actions services that are consistent with European standards.

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