Australian Stock Exchange turns to Indian IT giant TCS after ‘failure’ of its blockchain project

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Indian IT giant Tata Consultancy Services (TCS) has signed an agreement with Australia’s primary securities exchange, ASX, to provide next-generation clearing and settlement platforms. TCS will replace ASX’s existing platform for cash equities clearing and settlement with its BaNCS for Market Infrastructure software. This move comes after ASX abandoned its blockchain-based effort due to repeated delays. TCS’s software is used by exchanges in over 20 countries and is expected to improve scalability and support future market growth for ASX. The implementation will be done in two releases to reduce delivery risk and impact on stakeholders.

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Australian Stock Exchange turns to Indian IT giant TCS after ‘failure’ of its blockchain project

Indian IT giant Tata Consultancy Services (TCS) has signed an agreement with Australia’s primary securities exchange, ASX, to provide next-generation clearing and settlement platforms. TCS will replace ASX’s existing platform for cash equities clearing and settlement with its BaNCS for Market Infrastructure software. This move comes after ASX abandoned its blockchain-based effort due to repeated delays. TCS’s software is used by exchanges in over 20 countries and is expected to improve scalability and support future market growth for ASX. The implementation will be done in two releases to reduce delivery risk and impact on stakeholders.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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