TCS Expands Euroclear Partnership to Modernise Sweden's Securities Depository Infrastructure

TCS has expanded its partnership with Euroclear Group to support the modernisation of Sweden's central securities depository (CSD).

Under the agreement, Euroclear Sweden will deploy TCS BaNCS for Market Infrastructure and Quartz, the Indian IT services company's digital solutions suite, to build a cloud ready and scalable CSD platform aligned with evolving European market standards, the company said in a statement on June 3.

The move marks the next phase of a relationship between the two companies that has already seen TCS support Euroclear's depository operations in Finland. The Swedish implementation forms part of Euroclear's broader "One Nordic" strategy aimed at creating a unified technology and operating platform across Sweden and Finland. 

TCS said its BaNCS platform will support core registry functions, depository services, cross border settlement and asset servicing across asset classes. The Quartz platform will add capabilities around distributed ledger technology and AI, enabling support for tokenised assets, decentralised settlement models and real time operational insights. 

As part of the transformation, Euroclear plans to migrate the Swedish market to the European Central Bank's TARGET2 Securities (T2S) platform, a pan European settlement infrastructure designed to improve efficiency and standardisation across securities markets.

The transition will be carried out through a phased IT migration programme.

"Having established one of Europe’s most advanced CSD infrastructures in Finland, we are pleased to extend our decade-long partnership with TCS to Sweden,” Hanna Vainio, CEO, Euroclear Sweden and Finland said in a statement. “This collaboration is a pillar of our 'One Nordic' vision, allowing us to harmonise business and IT practices onto a single, resilient platform.”

The announcement adds to TCS' growing portfolio of large-scale financial market infrastructure projects globally, an area where the company has been positioning its BaNCS suite as a platform for exchanges, central securities depositories and other market infrastructure institutions.

“Building on our joint success in Finland, we look forward to working with Euroclear to bring high levels of sophistication in functionality, standards compliance and technology to the Nordics market leveraging TCS BaNCS and Quartz, our market-leading products for financial market infrastructures,” said R Vivekanand, President, BFSI Products & Platforms at TCS.