India-based IT firm Tata Consultancy Services (TCS) has created a post-trade platform with the National Central Securities Depository (CSD) of Finland, Euroclear Finland, enabling Finland’s CSD to integrate its core platform with the European securities settlement engine.
The digital transformation programme also enables seamless cross-border settlements for investors in Finnish securities.
Besides, the engagement is said to have developed the most modern post-trade platform in Europe.
TCS BFSI products and platforms president Vivekanand Ramgopal 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.”
By leveraging TCS BaNCS for Market Infrastructure, Euroclear Finland integrated its core platform with the European Central Bank’s TARGET2-Securities or T2S platform.
According to TCS, the modernised platform will lower cross-border settlement risks and costs for investors, bring more investment into the country, and enhance access to capital for Finnish issuers.
The Indian company also stated that banks, central counterparties, and issuers will benefit from longer trading hours.
Banks will be able to facilitate transactions across all 24 countries within the T2S ecosystem with one centralised cash account, streamlining collateral management and enhancing their liquidity.
Euroclear Finland CEO Hanna Vainio 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.”
