Tata Consultancy Services has successfully facilitated the integration of Euroclear Finland’s core platform with the European Central Bank’s TARGET2-Securities (T2S) platform, marking a significant advancement in Europe’s post-trade infrastructure. This transformative program ensures smoother cross-border settlements, reducing risks and costs for investors in Finnish securities, ultimately attracting more investments into Finland.
Key Highlights
- Integration Success: TCS, through its TCS BaNCS™ for Market Infrastructure, has seamlessly integrated Euroclear Finland’s core platform with the T2S platform, resulting in the most modern post-trade platform in Europe.
- Benefits for Investors: The modernized platform is expected to reduce cross-border settlement risks and costs, making Finland an attractive destination for investments. It will also enhance access to capital for Finnish issuers.
- Extended Trading Hours: Banks, central counterparties, and issuers will benefit from extended trading hours. The simplified process allows banks to support transactions across all 24 countries within the T2S ecosystem with a centralized cash account, streamlining collateral management and improving liquidity.
- Business and IT Transformation: Euroclear Finland’s decade-long multi-phase transformation journey, powered by TCS BaNCS, reaches a significant milestone with this integration. The platform handles over 2 million accounts with a total value exceeding 460 billion EUR.
- Endorsement of TCS BaNCS: Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, stated, “This successful digital transformation sets a precedent in Europe. The rich functionality, high level of parameterization, forward-looking market-sensitive roadmap, and straight-through processing of TCS BaNCS firmly establishes our next-generation solution as a leader in the European post-trade landscape.”
CEO of Euroclear Finland Speaks
Hanna Vainio, CEO of Euroclear Finland, emphasized the critical importance of connecting to T2S for the growth and prosperity of the Finnish market. The integration is expected to make processes more efficient, providing clients with access to greater investment avenues.
About Euroclear Finland
Euroclear Finland serves as Finland’s national central securities depository, responsible for clearing and storing securities in digital form. Holding equity and debenture assets worth EUR 500 billion in over 2.3 million book-entry accounts, Euroclear Finland is part of the Euroclear Group.
About TCS BaNCS
TCS BaNCS for Market Infrastructure supports the end-to-end operations of Central Securities Depositories (CSDs) across multiple asset classes. It covers functions such as issuance, depository, registry, cross-border settlement, pledge, collateral management, and more.
About Tata Consultancy Services (TCS)
TCS, with over 55 years of experience, is a global IT services, consulting, and business solutions organization. It operates through its unique Location Independent Agile™ delivery model and has over 603,305 consultants in 55 countries. TCS generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023.
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