Tata Consultancy Services (TCS) has enabled Euroclear Finland, Finland’s national central securities depository (CSD), to integrate its core platform with the European Securities Settlement Engine.
According to a press release, the modernized platform will reduce cross-border payment risks and costs for investors, attract more investment into the country and improve access to capital for Finnish issuers. . Banks, central counterparties, and issuers will benefit from longer transaction times. Additionally, banks can support transactions across all 24 countries in the T2S ecosystem with one centralized cash account, collateral management, and improved liquidity.
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Vivekanand Rangopal, President, BFSI Products & Platforms, TCS, said: “TCS is proud to partner with Euroclear Finland to build a flexible, scalable, secure and robust platform for the future growth and development of the Finnish market. Euroclear Finland’s 10 The year-long business transformation journey has been supported by TCS BaNCS and we join them in celebrating this latest milestone of successful integration with T2S.”
Hanna Vainio, CEO of Euroclear Finland, said: “Connection to T2S is essential for the growth and prosperity of the Finnish market. Our customers will benefit from more efficient processes and access to a wider range of investment instruments, making Finland attractive to issuers and investors. TCS for Market Infrastructure With our core platform based on BaNCS, we partner with TCS in our business and IT transformation efforts to create one of the most modern and efficient CSD systems in Europe. I’m glad I was able to do it.”
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