As part of a multi-year technology transformation program, Northern Trust announced it has expanded its strategic relationship with Tata Consultancy Services (TCS) to enhance its global securities settlements platform, which spans 99 global markets.

Northern Trust has leveraged TCS BaNCS^TM 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^TM 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^TM that have helped leading global custodians create enriched and consistent client experiences across multiple markets and asset classes.”

Source: Northern Trust