TCS Expands Deal with Northern Trust to Enhance Custody Operations via BaNCS
By integrating TCS' BaNCS platform, Northern Trust aims to achieve enhanced operational efficiency, improved compliance, and better client services, setting a new standard for custody operations in the global financial market, with TCS at the forefront of this technological advancement.
TCS has expanded its deal with Northern Trust, a global financial institution, to standardize custody operations across 99 markets, utilizing its BaNCS Global Securities Platform to streamline operations for the $17.4 trillion asset manager.
The expanded partnership between TCS and Northern Trust aims to create an integrated securities back office, enabling the standardization of custody operations and enhancing trade processing capabilities. This collaboration will provide Northern Trust's clients with strategically valuable information, leveraging TCS' expertise in financial technology.
The deployment of the BaNCS Global Securities Platform will also enhance AI and analytics capabilities, ensuring compliance with regional practices through the use of multi-entity, multi-currency, and ISO 15022/ISO 20022-compliant technology. This will facilitate efficient and standardized settlement processes, bolstering operational efficiency for Northern Trust.
The partnership underscores TCS' commitment to delivering cutting-edge financial technology solutions, empowering global financial institutions like Northern Trust to navigate complex market landscapes and enhance their services. As the financial sector continues to evolve, collaborations like this are expected to play a pivotal role in shaping the future of custody operations and securities management.
