Tata Consultancy Services (TCS), a leading IT services, consulting and business solutions firm, announced that its client - Euroclear Finland - the central securities depository (CSD) for the Finnish capital markets, has launched a new transaction processing platform known as 'Infinity'.
Infinity's processing capabilities for fixed-income was recently unveiled, following a 22 month implementation of this first phase. The next phases will be rolled out in the course of 2016 and the processing environment will also feature a new central register as well as equity processing capabilities.
Infinity is a multi-year program powered by TCS BaNCS for Market Infrastructure, and is a key component of Euroclear Finland's outsourcing its securities settlement processing to TARGET2Securities (T2S) as part of the European Central Bank's fourth migration wave in February 2017.
TCS BaNCS was chosen in 2013 for its established track record in modernizing core infrastructure at leading CSDs worldwide and for its T2S expertise. Through Infinity, TCS BaNCS has provided Euroclear with a single, consolidated platform for depository, registry and corporate actions functions, thereby, enabling simplified business operations.
Commenting on the program, Yannic Weber, chief executive officer, Euroclear Finland and Euroclear Sweden, said, ''As the Finnish capital markets and its participants gear up for the wholesale migration of securities settlement to T2S in early 2017, we felt it right and prudent to modernize our core technology for asset servicing well ahead of the shift, to give the market the due time needed for this transition. TCS Financial Solutions has helped us replace legacy systems while also consolidating myriad functions that previously ran on multiple platforms. We look forward to working with Tata in the coming months as we forge ahead in our delivery reliable infrastructure to support the complete corporate actions lifecycle across all major asset classes.''
R Vivekanand, vice president, TCS, said, ''TCS has been providing mission critical solutions to market infrastructure institutions for over 20 years. TCS BaNCS is unique in its multi-asset class capability which enables our customers to replace multiple platforms with our solution. We have also created a strong roadmap for T2S to help our customers adapt to this transformation, and leverage it to become more competitive. Euroclear's selection of TCS BaNCS and the successful rollout of the first phase of Infinity is an affirmation of our commitment to this space.''
Shares of the company gained Rs 42.05, or 1.67%, to trade at Rs 2,554. The total volume of shares traded was 27,377 at the BSE (12.09 p.m., Wednesday).
