Northern Trust has been appointed global custodian and cash manager for Haycen Bermuda, a trade finance digital payments provider operating in the UK and Europe. Under the agreement, Northern Trust Asset Servicing will oversee custody of Haycen’s client fiat deposits, while Northern Trust Asset Management will manage cash sweep services, shares Northern Trust in a press release.
Haycen specialises in stablecoin-based solutions for non-bank lenders, aiming to streamline cross-border liquidity transfers. By issuing fully collateralised, single-currency stablecoins, the company seeks to improve USD availability in digital form and enable instant settlements in global trade.
The deal comes after a year of collaboration between the two firms to refine operational processes. Haycen’s CEO, Luke Sully, emphasised the importance of integrating stablecoins into mainstream financial systems, while Northern Trust’s Ian Hamilton pointed to the bank’s experience in custody and cash management as key to the partnership.
