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Tata Consultancy Services Modernized SIX’ Clearing, Settlement and Custody Platform, Paving the Way for its Business Growth in Domestic and International Markets
ZURICH | MUMBAI, December 18, 2023: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) has helped SIX, the operator of the Swiss and Spanish financial market infrastructures, modernize its post trade platform for the Swiss market. This has resulted in a more resilient and robust post trade market infrastructure, and accelerated SIX’ journey towards becoming a key player in the global securities services industry.
SIX’ mission critical core platform was originally built by TCS in the 90s, and was one of the world’s first online real-time settlement systems. It serves as the backbone of the Swiss market’s post-trade value chain, holding securities worth a few trillion Swiss Francs, making this a high-stakes transformation program of national significance.
With its contextual knowledge and experience in leading similar large-scale transformations for clients, TCS worked in close collaboration with SIX and various technology providers to design an innovative transformation strategy and a state-of-the-art open systems environment. TCS leveraged its design labs to create a modern portal that reimagines the user experience and empowers them to respond to end-client queries much faster. TCS was able to fast-track the development with an ingenious automation solution, which migrated over 500 billion records in record time, saving 4-5 months in the overall process.
The open system offers greater flexibility, security, and ease of maintenance. It is more scalable and currently processes more than 4 million transactions per day, covering more than 60 global markets. Its modern, cloud-ready architecture can also integrate more easily with digital ecosystems, opening-up possibilities of innovative new products and services.
The new system enables easier customization of the post trade processes individually, giving each business greater flexibility and agility to meet differing market requirements in different parts of the world. This makes SIX’ business more customer-centric and market-friendly, enhances its competitive differentiation and supports its growth internationally.
Arturo Merino, Head IT, Securities Services, SIX, said: “This is going to give a second life to our core CSD platform and make our relationship with TCS even stronger. We are conscious of the pressure and high expectations that we have put on TCS for the most complex project in recent years, but the TCS team has lived up to the expectations with an outstanding level of commitment. Our main goal is becoming more customer-centric and user friendly and we have achieved it with the platform upgrade. I am sure that we can count on TCS for the many challenges that SIX has ahead.”
Uma Rijhwani, Business Unit Head, BFSI – Europe Central, TCS, said, “TCS and SIX have achieved a major feat by modernizing the Swiss post trade platform of SIX in record time. The new, state-of-the-art system brings to bear the power of digital technologies to transform the Swiss post-trade market infrastructure, while providing a solid foundation for SIX’ expansion into global markets.”
Please find the video press release here - TCS modernizes Swiss post trade market infrastructure for SIX
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 55 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 614,000 of the world’s best-trained consultants in 55 countries. The company generated consolidated revenues of US $27.9 billion in the fiscal year ended March 31, 2023, 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
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