Northern Trust is expanding its collaboration with Tata Consultancy Services (TCS) to upgrade its securities settlement platform. The move is part of the company’s ongoing technology transformation, aimed at improving post-trade operations across 99 global markets.
Since 2017, Northern Trust has used TCS BaNCS for corporate actions and income processing. This latest step will see the company adopt the TCS BaNCS Global Securities Platform, which supports multi-entity, multi-market, and multi-asset class operations. The aim is to create a more integrated post-trade environment that streamlines trade processing and enhances settlement efficiency.
Adapting to market demands
With settlement cycles becoming shorter, financial institutions face increasing pressure to improve processing speed and accuracy. Jennifer Driscoll, head of Market Operations at Northern Trust, noted that adaptable, interoperable solutions are crucial for meeting these demands. The new platform is expected to support efficiency and risk management in trade settlements.
Northern Trust plans to use the platform to standardise settlement data and processes while incorporating AI and analytics for both traditional and digital assets. The system is designed to align with industry standards, supporting multi-entity and multi-currency operations and complying with ISO 15022 and ISO 20022 messaging formats.
