Tata Consultancy Services has expanded its partnership with Euroclear Group to modernise Sweden's central securities depository.
Under the project, Euroclear Sweden will adopt TCS software as part of a broader overhaul of Nordic market infrastructure.
Euroclear Sweden will deploy TCS BaNCS for Market Infrastructure and Quartz under the agreement, extending work the two groups have already completed in Finland. The move is intended to support the next stage of change at Sweden's central securities depository, which sits at the heart of securities registration, settlement and servicing.
The Swedish programme is part of Euroclear's wider Nordic transformation plan, which aims to place Sweden and Finland on a common platform. The shared system is designed to align operations and technology across the two markets while keeping pace with European market standards.
A phased IT transition is planned, including the migration of the Swedish market to the European Central Bank's TARGET2-Securities platform, which is used for cross-border securities settlement across Europe.
Nordic platform
TCS BaNCS will cover core registry functions, depository services, cross-border settlement and asset servicing across asset classes. Quartz will support distributed ledger technology, tokenised assets, decentralised settlement models and AI-based analysis.
The combined system is also intended to support Euroclear's effort to standardise post-trade processes across the Nordic region. It will be cloud-ready and structured to support compliance with European requirements, while improving straight-through processing.
For Euroclear, the Swedish project builds on an existing relationship with TCS that has already delivered a central securities depository infrastructure in Finland. The latest step extends that work into a broader cross-border programme as market infrastructure operators across Europe update platforms to meet common settlement, messaging and reporting standards.
Central securities depositories play a key role in financial markets by recording ownership of securities and enabling the completion of transactions. Changes to these systems can affect banks, brokers, custodians, issuers and investors, making technology migrations closely watched in domestic markets.
One element highlighted by TCS is Quartz's support for both ISO 15022 and ISO 20022 messaging standards. That matters because many financial institutions are in the middle of moving to ISO 20022, and parallel support can reduce disruption during the transition.
TCS also said BaNCS includes a double-entry framework, support for omnibus and end-investor accounting, and multiple settlement models. It added that the platform includes tools intended to help manage liquidity across securities and cash.
The system is designed to support market practices and regulatory standards including SMPG, CAJWG and CSDR. Those standards shape how post-trade participants handle messaging, corporate actions and depository regulation across Europe and other markets.
Hanna Vainio, Chief Executive Officer of Euroclear Sweden and Finland, set out the regional rationale for the 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. This collaboration is a pillar of our 'One Nordic' vision, allowing us to harmonize business and IT practices onto a single, resilient platform. By integrating our regional operations, we are not only enhancing efficiency for our clients but also reinforcing our position as the preferred Nordic CSD, dedicated to the long-term prosperity of the Nordic financial ecosystem," Vainio said.
The agreement also deepens TCS's presence in financial market infrastructure, where technology suppliers are competing for modernisation work among exchanges, clearing houses and depositories.
R Vivekanand, President of BFSI Products & Platforms at TCS, said: "We are pleased to expand our relationship with the Euroclear Group through this strategic multi-country harmonization initiative. 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. We are deeply committed to ensuring the platform is future-proof, resilient, scalable, while leading the way for transformation in European markets."