Tata Consultancy Services Limited (TCS) has been selected to replace the Australian Securities Exchange’s (ASX) cash equities clearing and settlement platform.

What Happened: In an exchange filing, Tata Consultancy Services Limited said it has inked a deal with the Australian Securities Exchange (ASX) to launch its global solution, TCS BaNCS for market infrastructure. This is a part of ASX’s strategy to revamp its current platform for cash equities clearing and settlement.

The new platform, underpinned by TCS’s state-of-the-art technology stack, is slated for a two-stage implementation process. The first phase will concentrate on the clearing service, while the second will cater to the settlement depository and sub-register services. The phased approach is aimed at mitigating overall delivery risk and managing the repercussions on industry stakeholders.

See Also: DishTC Denies Media Reports On Loan Settlement For ₹1,500 Cr

This agreement fortifies TCS’s presence in Australia, one of its rapidly growing markets and highlights its strong local partner network and understanding of the banking and financial services sector.

Vivekanand Ramgopal, President, BFSI Products & Platforms, TCS, expressed his elation over this development, saying “Our selection is an affirmation of our track record in this mission-critical business, continuous investments in our products, and shared vision of how we see the future of Market Infrastructure Institutions in a technology-led world.”

Why It Matters: The implementation of the TCS BaNCS for Market Infrastructure is expected to enhance ASX’s operational efficiency and reduce complexity, thereby streamlining its clearing and settlement process.

Read Next: L&T Tech Shares Climb On The Back Of A Fresh Collaboration With NVIDIA