Euroclear Finland goes live with market infrastructure tech from TCS BaNCS

The new tech marks the first transformation in Europe of a CSD replacing its core legacy system.

By Joe Parsons
Euroclear Finland has implemented market infrastructure technology provided by Tata Consultancy Services (TCS), with the aim to replace its legacy IT system.

The adoption of the TCS flagship product, TCS BaNCS, marks the first transformation in Europe of a central securities depository (CSD) replacing its core legacy system.

Euroclear has also made significant enhancements and upgrades to its issuance and post-trade 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 modernise was unavoidable, but it also presented us an opportunity to take advantage of the harmonisation of the European securities market,” said Hanna Vainio, CEO, Euroclear Finland.

The new platform, powered by TCS’s ‘Infinity’ programme, will enable flexible and agile issuance of book-entities, clearing and settlement transactions, and modern corporate actions processing. ‘Infinity’ is also connected to TARGET2, the Bank of Finland’s system of cash settlement.

The replacement will cover all asset classes including fixed income, equities, warrants and mutual funds.

“Euroclear Finland is now among the most advanced CSDs in Europe, supporting both nominee and direct holding account structures, total STP and compliance to CSDR and GDPR guidelines,” added R. Vivekanand, vice president and co-head, TCS Financial Solutions. “We in TCS are proud to have been part of this landmark transformation programme that makes Euroclear Finland ready for the future and agile in meeting its customer’s demands.”