TCS and European Finland Create a Modern Post-Trade Platform

The Tata Consultancy Services (TCS) has successfully enabled Euroclear Finland, the National Central Securities Depository (CSD) of Finland to integrate its core platform with the European Central Bank’s TARGET2- Securities (T2S) platform. This strategic collaboration positions Finland with the most modern post-trade platform in Europe, streamlining cross-border settlements and attracting increased investment in the country.

The integration is powered by TCS’s BaNCS for Market Infrastructure which has enhanced Euroclear Finland’s core platform by linking it with the T2S platform. This transformation initiative ensures cross-border settlements for investors in Finnish securities reducing risks and costs associated with cross-border transactions. The modernized platform is supposed to enhance access to capital for Finnish issuers making the country more appealing for investors.

“Connecting to T2S is critical to the growth and prosperity of the Finnish market. Our clients will benefit from more efficient processes and access to greater investment avenues, making Finland an attractive place for issuers and investors. As a direct holding market with end investor accounts, this program was amongst the largest in terms of the number of book-entry accounts and holdings moved to the platform. With our core platform based on TCS BaNCS for Market Infrastructure, we are glad to have partnered with TCS in our business and IT transformation journey, creating one of Europe's most modern and efficient CSD systems,” said Hanno Vainio. CEO, Euroclear Finland.

The transformation marks a major achievement in Euroclear Finland’s decade-long multi-phase journey which saw the replacement of legacy systems with the Infinity platform during 2015-2018. The partnership with TCS aims to create a flexible, scalable, secure, and robust platform to foster the future growth and development of the Finnish market.

 “TCS is proud to have partnered with Euroclear Finland to create a flexible, scalable, secure, and robust platform for the future growth and development of the Finnish market. TCS BaNCS has powered Euroclear Finland's decade-long business transformation journey and we join them in celebrating this latest milestone of successful integration with T2S.

Euroclear Finland's digital transformation offers a roadmap for other CSDs in their journey to become future-ready. TCS BaNCS for Market Infrastructure caters to the evolving business needs of CSDs and supports their end-to-end operations across multiple asset classes,” said Vivekanand Ramgopal, President, of BFSI Products & Platforms, TCS.

“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,” further he added.

This collaboration underscores TCS’s commitment to supporting the evolution of financial market infrastructure by contributing to more efficient and secure cross-border transactions in Europe.