Tata Consultancy Services (TCS), a global leader in IT services and consulting, has signed an expanded deal with Northern Trust to centralize and streamline its custody operations. This partnership aims to transform Northern Trust’s securities back office across 99 markets, enhancing trade processing, settlement, and asset servicing. With $17.4 trillion in assets under custody, Northern Trust will leverage TCS BaNCS™ Global Securities Platform to create an integrated solution for its operations.
This expansion builds on the existing relationship between TCS and Northern Trust, dating back to 2017. TCS will now provide multi-entity, multi-market, and multi-asset class capabilities to support Northern Trust’s global operations. The platform will help the financial institution harness trade and corporate action data to deliver valuable insights to its clients.
The TCS BaNCS™ platform, SWIFT-certified and scalable, offers advanced features including AI and analytics capabilities for digital and traditional assets. It supports global settlement processes while ensuring compliance with regional practices, including multi-entity, multi-currency, and ISO 15022/ISO 20022 standards. Additionally, the platform enhances scalability, resilience, and data standardization, contributing to improved operational efficiency.
With TCS BaNCS™, Northern Trust can further optimize its data strategy and leverage cutting-edge technology to stay ahead in the competitive asset servicing market. TCS continues to be a trusted partner for leading financial institutions, with a strong presence in North America and a reputation for driving innovation in AI and IoT solutions.
