Tata Consultancy Services (TCS) has helped SIX, the operator of the Swiss and Spanish financial market infrastructures, modernize its post trade platform for the Swiss market, the company on Monday announced through an exchange filing.
SIX’ mission critical core platform built by TCS in 90s
SIX’ mission critical core platform was originally built by TCS in the 90s, and was one of the world’s first online real-time settlement systems. It serves as the backbone of the Swiss market’s post-trade value chain, holding securities worth a few trillion Swiss Francs, making this a high-stakes transformation program of national significance.
TCS worked in close collaboration with SIX and various technology providers to design an innovative transformation strategy and a state-of-the-art open systems environment. TCS leveraged its design labs to create a modern portal that reimagines the user experience and empowers them to respond to end-client queries much faster.
TCS was able to fast-track the development with an ingenious automation solution, which migrated over 500 billion records in record time, saving 4-5 months in the overall process.
The open system offers greater flexibility, security, and ease of maintenance. It is more scalable and currently processes more than 4 million transactions per day, covering more than 60 global markets. Its modern, cloudready architecture can also integrate more easily with digital ecosystems, opening-up possibilities of innovative new products and services.
“This is going to give a second life to our core CSD platform and make our relationship with TCS even stronger. We are conscious of the pressure and high expectations that we have put on TCS for the most complex project in recent years, but the TCS team has lived up to the expectations with an outstanding level of commitment. Our main goal is becoming more customercentric and user friendly and we have achieved it with the platform upgrade. I am sure that we can count on TCS for the many challenges that SIX has ahead,” said Arturo Merino, Head IT, Securities Services, SIX.
“TCS and SIX have achieved a major feat by modernizing the Swiss post trade platform of SIX in record time. The new, state-of-the-art system brings to bear the power of digital technologies to transform the Swiss post-trade market infrastructure, while providing a solid foundation for SIX’ expansion into global markets,”
Tata Consultancy Services shares
The shares of Tata Consultancy Services on Monday at 1:43 pm IST were at Rs 3,863.60, up by 0.067 percent.
