The central securities depository (CSD) for the Finnish capital markets, Euroclear Finland, has launched a new transaction procession platform, Infinity, powered by TCS BaNCS for market infrastructure.
The company has unveiled processing capabilities for fixed-income and said its processing environment will also feature a new central register and equity processing capabilities.
The company said duration of the first phase was 22 months and it is planning the second phase in 2016.
Infinity 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.
Euroclear Finland has selected TCS BaNCS for its established track record in modernizing core infrastructure and for its T2S expertise.
Additionally, Euroclear was provided with a single, consolidated platform for depository, registry and corporate actions functions enabling simplified business operations.
“TCS Financial Solutions has helped us replace legacy systems while also consolidating myriad functions that previously ran on multiple platforms,” said Yannic Weber, chief executive officer, Euroclear Finland and Euroclear Sweden.
“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,” said R. Vivekanand, vice president, TCS.
TCS in December last year launched TCS BaNCS Digital to help financial institutions reinvent the digital experience for their customers and build a seamless and interconnected bank.
Last year in October, Strate selected the Market Infrastructure solution of TCS BaNCS for its equity and money market depository operations and expanded the strategic relationship it has with TCS.