Euroclear partners India’s HCL to modernise digital framework

Euroclear has partnered with Indian IT multinational HCL as it aims to boost its digital capabilities.

The deal with Euroclear will explore new business models

HCL says the multi-year deal with Euroclear will “explore new business models and market opportunities to create value through innovation and data monetisation”.

Leveraging its Fenix 2.0 execution framework, HCL will look to modernise Euroclear’s digital framework through implementing automated processes, a unified end-customer experience and DevOps delivery models.

HCL will also set up a co-innovation lab in Brussels, working with Euroclear to explore emerging technologies and trends and create new products and services.

Euroclear is a provider of post-trade security settlement, fund management, collateral management and data services.

It was initially founded by JP Morgan in 1968 to settle trades on the burgeoning eurobond market.

The Brussels-based firm now boasts €35.2 trillion in assets under custody and connects more than 2,000 financial institutions across 50 different markets.

Last month, fintech-focused private equity firm Silver Lake announced a deal to acquire a 9.85% stake in Euroclear from commodity and financial exchanges company Intercontinental Exchange (ICE) in a deal worth $825 million (€709 million).