Tata Consultancy Services (TCS) announces the expansion of its long-standing partnership with Euroclear Group to lead the next phase of transformation for Swedish securities processing. As part of this initiative, Euroclear Sweden will implement TCS BaNCS for Market Infrastructure together with TCS 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 changing needs of financial market infrastructure participants by supporting full lifecycle handling across multiple asset classes, including core registries, custody services, cross-border settlement and asset servicing. Complementing this, TCS Quartz leverages distributed ledger technology and AI to support tokenized assets, decentralized settlement and real-time insights.
Together, these solutions will support Euroclear’s Nordic transformation strategy, aiming to promote standardization and growth by deploying a modern, cloud-native and scalable CSD platform in Sweden and Finland. The unified platform will ensure continued compliance with European standards and improve direct processing capabilities. Deployment will follow a phased IT migration plan, including migration of the Swedish market onto the European Central Bank’s TARGET2‑Securities (T2S) platform to enable secure 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, resilient platform. By integrating our regional operations, we not only increase efficiency for our clients but also strengthen our position as the preferred Nordic central securities depository, committed 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 cross‑country harmonization initiative. Building on our shared success in Finland, we look forward to partnering with Euroclear to deliver advanced functionality, regulatory compliance and technology to the Nordic market using TCS BaNCS and Quartz, our industry‑leading products for financial market infrastructure. We are deeply committed to ensuring the platform is future‑proof, resilient and scalable while enabling transformation across European markets.”
Ashish Jhunjhunwala, Country Head for TCS Sweden, says: “This is a critical milestone in our journey in Sweden. TCS BaNCS already powers leading digital banks such as Länsförsäkringar Bank and Ikano Bank, and with Euroclear Sweden it will become an integral part of the country’s financial infrastructure. Together we are modernizing a core market infrastructure while enabling seamless integration with the European ecosystem through T2S. We are proud to support Euroclear’s vision for Nordic harmonization with a platform built for the future.”
TCS BaNCS for Market Infrastructure delivers a sophisticated dual‑entry ledger system supporting both omnibus and individual investor accounts, as well as multiple settlement models. It includes a unique settlement optimization capability that helps manage liquidity across securities and cash. The solution provides compliance with European and global standards such as the Securities Market Practice Group (SMPG), the Corporate Actions Joint Working Group (CAJWG), the Central Securities Depositories Regulation (CSDR) and others. In addition, Quartz enables simultaneous support for both ISO 15022 and ISO 20022 standards, ensuring a seamless and effective transition to ISO 20022.