Euroclear Finland goes live on TCS BaNCS for Market Infrastructure

‘Infinity’ to power Central Securities Depository into the future with complete post-trade services on one platform

Photo Credit : Reuters,

Tata Consultancy Services (TCS) announced that 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 the flexibility and agility for the issuance of book-entries, clearing and settlement of transactions with the unique co-existence 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 the existing Euroclear systems, and covers all asset classes, including fixed income, equities, warrants and mutual funds.

Hanna Vainio, CEO, outlined Euroclear Finland’s selection rationale: “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 modernize was unavoidable, but it also presented us an opportunity to take advantage of the harmonization 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.” 


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