India-based IT firm Tata Consultancy Services (TCS) has partnered with Swiss and Spanish financial market infrastructures operator SIX to transform the latter’s post trade platform for the Swiss market.
The engagement with TCS is said to have expedited SIX’ journey towards strengthening its position in the global securities services sector and has also resulted in a more resilient and strong post trade market infrastructure.
Originally developed by TCS, SIX’ mission critical core platform is claimed to be one of the first online real-time settlement systems in the world. It functions as the foundation of the post-trade value chain in the Swiss market.
SIX IT, securities services head Arturo Merino said: “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.”
TCS said that it has collaborated with SIX and various technology providers to design a new transformation strategy and an advanced open systems environment.
The Indian company has also utilised its design labs to develop a modern portal that transforms the user experience and helps to respond to end-client queries much rapidly.
TCS also said that the open system delivers greater flexibility, security, and ease of maintenance. It is more scalable and presently processes over four million transactions per day.
The system’s modern, cloud-ready architecture can also integrate more seamlessly with digital ecosystems, thereby giving way to possibilities of new products and services.
Besides, the new system will help in easier customisation of the post trade processes individually, providing each business better flexibility and agility to address varying market requirements in different regions of the world.
TCS Europe Central BFSI business unit head Uma Rijhwani said: “TCS and SIX have achieved a major feat by modernising 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.”
