Tata Consultancy Services has successfully launched CHESS Release 1 with the Australian Securities Exchange (ASX), marking a significant milestone in modernizing Australia's financial market infrastructure. The go-live focuses specifically on cash clearing and settlement operations, representing a crucial component of the exchange's technology transformation initiative.

Official Partnership Milestone

The deployment represents an important milestone in the modernisation of Australia's critical financial market infrastructure as part of ASX's digital transformation journey in partnership with TCS. CHESS is the system used to facilitate the clearing and settlement of trades in eligible financial products, enabling delivery-versus-payment settlement by transferring securities and cash between buyers and sellers.

Technology Platform and Solutions

The implementation is built on TCS BaNCS for Market Infrastructure, complemented by Quartz Gateway solutions, creating a comprehensive technology ecosystem for the ASX. Together, they deliver a high-performance, scalable and resilient CCP clearing solution for multiple asset classes with real-time trade novation and netting capabilities.

Executive Perspectives

Tim Whiteley, Chief Information Officer, ASX, stated: "Release 1 of the CHESS Project marks a significant milestone in the modernisation of Australia's critical market infrastructure supporting post-trade clearing and settlement services. With CHESS Release 1 in production, ASX is very proud of the outcomes achieved with TCS as our technology partner having deployed a modern, secure, resilient and scalable solution for the Australian market."

R Vivekanand, President BFSI Products and Platforms, TCS, commented: "We are proud to have partnered with ASX on their modernization strategy and the successful Go-Live of CHESS Release-1. Together, we have smoothly implemented a world class platform that sets a strong foundation to drive the future growth and development of Australian financial markets."

Future Development Roadmap

ASX is delivering the CHESS Replacement Project in two releases, a staged approach developed in close consultation with industry to manage change and reduce implementation risk for critical market infrastructure systems. With the successful completion of Release-1, TCS and ASX along with industry participants have commenced work for Release-2 of the CHESS Replacement Program, targeted to go-live in 2029.

The collaboration between Tata Consultancy Services and ASX demonstrates the successful integration of advanced technology solutions in critical financial market operations, establishing a foundation for enhanced clearing and settlement operations in Australia's securities trading ecosystem.

Tata Consultancy Services has signed two Memorandums of Understanding (MoUs) with Siemens Energy AG and Siemens Energy India Limited on April 27, 2026, marking a significant expansion of their strategic AI partnership. The collaboration focuses on driving AI-led industrial transformation, enhancing intelligent operations, and supporting AI-ready data centers through TCS's HyperVault business.

Partnership Structure and Scope

The partnership brings together two separate but complementary agreements that strengthen the strategic collaboration between these companies across IT services, digital and industrial AI initiatives, and emerging technologies. The collaboration combines TCS's AI, data, and engineering capabilities with Siemens Energy AG's expertise in power generation, electrification, and grid technologies.

Key Collaboration Areas

The partnership encompasses three primary focus areas designed to accelerate next-generation digital and industrial transformation:

IT Services: TCS will continue as a preferred IT partner, supporting Siemens Energy AG in building an agile, secure, resilient, and cost-optimized digital backbone with focus on operational efficiency and continuous improvement.

AI and Factory Modernization: Siemens Energy AG will benefit globally from TCS's AI capabilities in industrial autonomy solutions including digital twins, predictive analytics, smart manufacturing, closer integration between operational technology (OT) and information technology (IT), and intelligent vision systems.

AI Infrastructure Development: Siemens Energy India Limited will support HyperVault's AI infrastructure development activities in India across power generation, electrification systems, grid technologies, digital solutions, and software platforms.

Leadership Perspectives

Christian Bruch, President and CEO of Siemens Energy AG, emphasized that partnering with TCS helps turn digital infrastructure innovation into scalable impact, leveraging expertise across AI, cloud, and large-scale engineering to create customer value while supporting global growth ambitions in India.

K. Krithivasan, MD and CEO of TCS, highlighted that energy and industrial enterprises are at a pivotal inflection point where competitiveness will be shaped by effective modernization of core technologies and AI scaling across operations. Guilherme Mendonca, MD and CEO of Siemens Energy India Limited, noted that the partnership combines expertise in energy systems and digital intelligence to enable reliable, low carbon power infrastructure for next-generation AI-driven data centers.

Strategic Foundation

These agreements build on the over two-decade-long partnership between TCS and Siemens Energy AG. As a preferred technology partner, TCS will enable Siemens Energy AG to navigate the AI landscape and move from prototyping to enterprise-wide value realization by embedding advanced analytics, GenAI, and intelligent automation into core business and operational processes.