 "TCS modernises post-trade market infrastructure for Switzerland's SIX")
Information technology company Tata Consultancy Services (TCS) said it has "modernised" SIX, which operates infrastructure for Swiss and Spanish financial markets.
Updating SIX’s clearing, settlement and custody platform will strengthen the company’s aim of becoming a key player in the global securities services industry, said TCS in a statement.
When TCS built SIX’s core platform in the nineties, it was one of the world’s first online real-time settlement systems. The platform is the backbone of the Swiss market’s post-trade value chain and holds securities worth a few trillion Swiss Francs, making its modernisation a transformation programme of national significance.
TCS said it used its design laboratories to create a portal that empowers users to respond to end-client queries much faster. It used an ingenious automation solution, which migrated more than 500 billion records in record time, saving 4-5 months in the overall process.
“This is going to give a second life to our core CSD platform. Our main goal is becoming more customer-centric and user friendly and we have achieved it with the platform upgrade,” said Arturo Merino, Head IT, Securities Services, SIX.
TCS said the modernised SIX platform offers greater flexibility, security, and ease of maintenance. It is more scalable and 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.
“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,” said Uma Rijhwani, business unit head, BFSI – Europe Central, TCS.