Northern Trust Extends Collaboration with TCS to Transform its Securities Services Offering

Tata Consultancy Services (TCS) has entered into an expanded partnership with Northern Trust, a global financial institution, to help centralize and standardize how they manage their custody operations in 99 markets worldwide.

In this partnership, TCS will use its TCS BaNCSTM Global Securities Platform to support Northern Trust, which manages $17.4 trillion in assets under custody and administration as of December 31, 2024.

Using the Platform, Northern Trust will further standardize its settlement data and processes and enhance AI and analytics capabilities for both digital and traditional assets.

The deployment of the TCS BaNCSTM Global Securities Platform will leverage its multi-entity, multi-market, and multi-asset class functionalities, enabling the creation of an integrated securities back office for Northern Trust. This integration optimizes trade processing, settlement, and asset servicing operations.

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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The TCS BaNCSTM Global Securities Platform will empower Northern Trust to effectively harness data across trade and corporate actions to deliver strategically valuable insights to its clients and enhance overall service delivery in the asset management space.

Venkateshwaran Srinivasan, Global Head of Financial Solutions at TCS, said, “We continue to invest in enhancing our integrated technology platforms to help the post-trade industry maximize cloud capabilities, reduce risks, adopt standardized models, leverage harmonized data, and compress settlement timelines. This significant expansion of our relationship with Northern Trust is a testament to our vision for the global securities industry, and a validation of the breadth and depth of capabilities of TCS BaNCSTM that have helped leading global custodians create enriching and consistent client experiences across multiple markets and asset classes.“