As part of the agreement, TCS will deploy its TCS BaNCS Global Securities Platform, enabling streamlined custody operations for Northern Trust, which manages $17.4 trillion in assets under custody and administration as of December 31, 2024.
This expansion has strengthened the existing relationship between the two organisations since 2017, with TCS powering the corporate actions and income processing for Northern Trust, a top 10 global provider of asset servicing, investment management and wealth management services.
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TCS will now deploy TCS BaNCSTM Global Securities Platform’s multi-entity, multimarket and multi-asset class capabilities to help Northern Trust create an integrated securities back office and streamline trade processing, settlement and asset servicing. It will enable Northern Trust to harness data across trade and corporate actions to provide strategically valuable information to their clients.
Jennifer Driscoll, Head of Market Operations at Northern Trust, said, “As liquidity demands continue to drive shortened settlement cycles, it’s critical for market participants to have resilient interoperable solutions that seamlessly integrate with corporate action and income processing.
“Our partnership with TCS BaNCSTM strengthens our ability to support clients in navigating these evolving market dynamics, ensuring efficiency, accuracy and risk mitigation throughout the trade settlement lifecycle.”
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Using the TCS BaNCS Global Securities Platform, Northern Trust will be able to further standardise its settlement data and processes, as well as enhance AI and analytics capabilities for both digital and traditional assets. The platform will offer scalability and resilience.
In addition to harmonising global settlement processes, the platform will comply with regional practices using multi-entity, multi-currency, and ISO 15022/ISO 20022-compliant technology.
Shares of Tata Consultancy Services Ltd ended at ₹3,599.70, up by ₹50.35, or 1.42%, on the BSE.
