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Tata Consultancy Services (TCS) has enabled Euroclear Finland, the National Central Securities Depository (CSD) of Finland, to integrate its core platform with the European securities settlement engine.
As per the press statement, the modernised 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 trading hours. In addition, banks can support transactions across all 24 countries within the T2S ecosystem with one centralised cash account, collateral management, and improving their liquidity.
- Also read: TCS gains $2 billion brand value in a year
Vivekanand Ramgopal, President of BFSI Products & Platforms, TCS, said, “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. Euroclear Finland’s decade-long business transformation journey has been powered by TCS BaNCS and we join them in celebrating this latest milestone of successful integration with T2S.”
Hanna Vainio, Chief Executive Officer of Euroclear Finland, said, “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. 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 the most modern and efficient CSD systems in Europe.”
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