The integration of Finland’s CSD core platform with the European Central Bank’s T2S platform will facilitate cross-border payments and attract more investment to the country.
press release
Helsinki | Mumbai, January 22, 2024: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has enabled Euroclear Finland, Finland’s national central securities depository (CSD), to integrate its core platform with a European securities settlement engine. This transformation program facilitates cross-border payments for investors in Finnish securities and creates Europe’s most modern post-trade platform.
TCS for Market Infrastructure BaNCS™ has integrated Euroclear Finland’s core platform with the European Central Bank’s TARGET2-Securities or T2S platform. The modernized platform will reduce cross-border settlement 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. Banks can now support transactions across all 24 countries in the T2S ecosystem with one centralized cash account, simplifying collateral management and increasing liquidity.
Hanna Vainio, CEO Euroclear FinlandSaid, “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. As a direct holding marketplace with end investor accounts, the program is one of the largest of its kind in terms of the number of transfer accounts and holdings moved to the platform. TCS for Market Infrastructure With our core platform based on BaNCS, we were able to partner with TCS on our business and IT transformation efforts and build one of the most modern and efficient CSD systems in Europe. I am very happy.”
This transformation is an important milestone in Euroclear Finland’s 10-year, multi-step transformation journey, which has more than 2 million accounts with a total value of more than EUR 460 billion. Between 2015 and 2018, CSD became the first European depository to replace multiple legacy systems with a single standards-based payment and custody platform called Infinity. This future-ready platform enables higher levels of straight-through processing and greater flexibility, helping CSD harmonize its business processes with EU standards.
Vivekanand Ramgopal, President, BFSI Products and Platforms, TCS“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 Year-long business transformation efforts have been driven by TCS BaNCS, and we join in celebrating this latest milestone of successful integration with T2S.
Euroclear Finland’s digital transformation provides a roadmap for other CSDs to become future-ready. TCS for Market Infrastructure BaNCS meets CSD’s evolving business needs and supports end-to-end operations across multiple asset classes.
“The success of this digital transformation sets a precedent in Europe. TCS BaNCS’s rich functionality, high level of parameterization, forward-looking and market-sensitive roadmap, and straight-through processing make our next-generation solution We are firmly establishing ourselves as a leader in the post-trade environment.” Vivekanand Added.