TCS expands partnership with Euroclear to modernize Swedish securities processing

Tata Consultancy Services (TCS) announces that it is expanding its long-standing partnership with Euroclear Group to drive the next phase of transformation for Swedish securities management. As part of this initiative, Euroclear Sweden will implement TCS BaNCS for Market Infrastructure and Quartz to build a robust, future-proof and scalable CSD platform aligned with evolving European market standards.

TCS BaNCS for Market Infrastructure will enable Euroclear to meet the evolving needs of financial market infrastructure institutions, supporting end-to-end management across asset classes, including core repositories, custody services, cross-border settlement and asset servicing. Complementing this, TCS Quartz will leverage distributed ledger technology and AI to support tokenized assets, decentralized settlement and real-time insights.

Together, these solutions will help Euroclear execute its Nordic transformation strategy, which aims to drive standardization and growth by implementing a modern, cloud-based and scalable CSD platform in Sweden and Finland. The unified platform will enable continued compliance with European standards and improve direct processing. The implementation of a unified platform will be achieved through a phased IT transition, including migration of the Swedish market to the European Central Bank’s TARGET2-Securities (T2S) platform for safe and efficient pan-European settlement.

Hanna Vainio, CEO, Euroclear Sweden and Finland says: “After establishing one of Europe’s most advanced CSD infrastructures in Finland, we are pleased to extend our ten-year partnership with TCS to Sweden. This collaboration is a cornerstone of our ‘One Nordic’ vision, enabling us to harmonize business and IT practices on a single, robust platform. By integrating our regional operations, we not only improve efficiency for our customers, but also strengthen our position as the preferred Nordic CSD, dedicated to the long-term prosperity of the Nordic financial ecosystem.”

R Vivekanand, President, BFSI Products & Platforms, TCS, says: “We are delighted to expand our relationship with Euroclear Group through this strategic harmonisation initiative across multiple countries. Building on our shared success in Finland, we look forward to working with Euroclear to deliver a high level of sophistication in functionality, standards compliance and technology to the Nordic market using TCS BaNCS and Quartz, our market-leading financial market infrastructure products. We are deeply committed to ensuring that the platform is future-proof, robust and scalable, while paving the way for transformation in European markets.”

Ashish Jhunjhunwala, country manager for TCS Sweden, says: “This is a crucial step in our journey in Sweden. TCS BaNCS already powers leading digital banks such as Länsförsäkringar Bank and Ikano Bank, and with Euroclear Sweden it now becomes an integrated part of the country’s financial infrastructure. Together we are modernizing a critical market infrastructure while enabling seamless adaptation to the European ecosystem through T2S. We are proud to support Euroclear’s vision for Nordic harmonisation with a platform built for the future.”

TCS BaNCS for Market Infrastructure offers a sophisticated double-entry bookkeeping system with support for both omnibus and end-investor accounting, as well as multiple settlement models, including a unique settlement optimization capability that helps manage liquidity across both securities and cash. The solution provides compliance with European and global standards such as Securities Market Practice Group (SMPG), Joint Working Group on Corporate Actions (CAJWG), Central Securities Depositories Regulation (CSDR) and others. In addition, Quartz enables simultaneous support of both ISO 15022 and ISO 20022 standards for a seamless and efficient transition to ISO 20022.