Tata Consultancy Services (TCS), an information technology company, has announced the successful modernisation of SIX, the infrastructure operator for Swiss and Spanish financial markets. The update to SIX?s clearing, settlement, and custody platform aligns with the company's strategic goal of establishing itself as a key player in the global securities services industry, according to a statement by TCS.

Having initially built SIX's core platform in the 1990s as one of the world's pioneers in online real-time settlement systems, TCS emphasised the platform's pivotal role in the Swiss market's post-trade value chain. With securities valued in the trillions of Swiss Francs, the modernisation initiative is deemed a transformation program of national significance.

TCS leveraged its design laboratories to develop a portal, enhancing user responsiveness to end-client queries. Employing an innovative automation solution, the migration of over 500 billion records was executed at an unprecedented speed, resulting in a time savings of 4-5 months in the overall process.

Arturo Merino, Head of IT, Securities Services at SIX, expressed the significance of the upgrade, stating, "This is going to give a second life to our core CSD platform. Our main goal is becoming more customer-centric and user-friendly, and we have achieved it with the platform upgrade."

The modernised SIX platform introduced by TCS boasts enhanced flexibility, security, and ease of maintenance. With the capacity to process over 4 million transactions daily across 60 global markets, the platform's modern, cloud-ready architecture facilitates seamless integration with digital ecosystems. This opens up possibilities for innovative new products and services, supporting SIX's expansion into global markets.

Uma Rijhwani, Business Unit Head, BFSI ? Europe Central at TCS, commended the collaboration, stating, ?TCS and SIX have achieved a major feat by modernising 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.?