Tata Consultancy Services, ASX sign deal for next-gen clearing and settlement platform
Tata Consultancy Services (TCS) has entered a significant agreement with Australia’s primary securities exchange, ASX, to deliver a cutting-edge clearing and settlement platform. This collaboration marks a major technological advancement for the Australian market, with ASX set to implement TCS’ flagship product, TCS BaNCS for Market Infrastructure. This strategic partnership highlights TCS’s commitment to modernizing market infrastructure through innovative solutions.
Implementation of TCS BaNCS for Market Infrastructure
TCS BaNCS for Market Infrastructure will replace ASX’s existing platform for cash equities clearing and settlement. The new platform, built on a state-of-the-art technology stack, is planned to be rolled out in two phases. The first phase will introduce the clearing service, while the settlement depository and sub‐register services are slated for the second phase. This phased implementation strategy is designed to minimize delivery risks and manage the impact on industry stakeholders.
TCS’s Proven Expertise and Regional Growth
With a proven track record in executing mission-critical projects and an award-winning suite of products and platforms, TCS’s agreement with ASX reinforces its growing presence in Australia. TCS has been a prominent player in the region, known for its strong local partner network, expertise in advanced technologies, and extensive experience in the banking, financial services, and insurance sector for over three decades. Additionally, TCS’s recognition as a top employer and a LinkedIn Top 25 company in the region underscores its commitment to innovation and excellence.
Vivekanand Ramgopal on TCS-ASX Partnership
Vivekanand Ramgopal, President of BFSI Products & Platforms at TCS, expressed his enthusiasm about the partnership. He highlighted TCS’s shared vision with ASX and its continuous investment in products, positioning TCS BaNCS for Market Infrastructure as a robust, future-proof solution for the Australian market. Ramgopal’s confidence in delivering this technology-led solution reflects TCS’s commitment to driving innovation in market infrastructure.
Global Impact of TCS BaNCS for Market Infrastructure
TCS BaNCS for Market Infrastructure is an industry-first solution tailored for central securities depositories, central counterparty clearing houses, exchanges, and central banks. Supporting multiple markets, currencies, and asset classes, it has been adopted by market infrastructure institutions in over 20 countries, demonstrating its global appeal and versatility.
Transforming Australia’s Securities Exchange Platform
This agreement between TCS and ASX represents a pivotal moment in the transformation of Australia’s securities exchange platform. It not only demonstrates TCS’s expertise in market infrastructure but also signifies a major step towards enhancing the efficiency and scalability of financial services in the Australian market.