Northern Trust Transforms Securities Settlement Platform through Collaboration with TCS
Northern Trust Announces Expanded Capabilities as Part of its Ongoing Technology Transformation Strategy
As part of a multi-year technology transformation program, Northern Trust (NASDAQ:NTRS) announced today it has expanded its strategic relationship with Tata Consultancy Services (TCS) ((BSE: 532540, NASDAQ:TCS) to enhance its global securities settlements platform, which spans 99 global markets.
Northern Trust has leveraged TCS BaNCS™ for corporate actions and income processing since 2017. This latest collaboration gives Northern Trust access to the TCS BaNCS™ Global Securities Platform which offers multi-entity, multi-market and multi-asset class capabilities to help create an integrated securities back office and streamline trade processing and settlements.
Jennifer Driscoll, head of Market Operations at Northern Trust, said, "As liquidity demands continue to drive shortened settlement cycles, it's critical for market participants to have resilient interoperable solutions that seamlessly integrate with corporate action and income processing. Our collaboration with TCS BaNCS™ strengthens our ability to support clients in navigating these evolving market dynamics, ensuring efficiency, accuracy and risk mitigation throughout the trade settlement lifecycle."
Using the TCS BaNCS™ Global Securities Platform, Northern Trust will be able to further standardize its settlement data and processes, as well as enhance AI and analytics capabilities for both digital and traditional assets. The platform will offer scalability and resilience. In addition to harmonizing global settlement processes, the platform will comply with regional practices using multi-entity, multi-currency, and ISO 15022/ISO 20022 compliant technology.
Venkateshwaran Srinivasan, Global Head, Financial Solutions, TCS, said, "We continue to invest in enhancing our technology platforms to help the post-trade industry maximize cloud capabilities, reduce risks, adopt standardized models, leverage harmonized data, and compress settlement timelines. This significant expansion of our collaboration with Northern Trust is a testament to our vision for the global securities industry, and a validation of the breadth and depth of capabilities of TCS BaNCS™ that have helped leading global custodians create enriched and consistent client experiences across multiple markets and asset classes."
About TCS BaNCS Global Securities Platform
The TCS BaNCS Global Securities Platform is a SWIFT-certified, scalable, integrated offering with comprehensive functionality encompassing the entire capital market's value chain. The solution is implemented at leading custodians, investment banks, fund and asset managers and brokers, ensuring consistent customer experience and service level across markets, resting on an advanced data strategy. Its digital core helps customers use the right data to unlock game-changing insights, KPIs and predictions, while its multi-x features encompass multiple legal entities, languages, business lines, asset classes, markets and geographies.
About Tata Consultancy Services
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for over 56 years. Its consulting-led, cognitive powered, portfolio of business, technology and engineering services and solutions is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India's largest multinational business group, TCS has over 607,000 of the world's best-trained consultants in 55 countries. The company generated consolidated revenues of US $29 billion in the fiscal year ended March 31, 2024, and is listed on the BSE and the NSE in India. TCS' proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index. For more information, visit www.tcs.com
About Northern Trust
Northern Trust Corporation (NASDAQ:NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2024, Northern Trust had assets under custody/administration of US$16.8 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
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