Northern Trust Appointed as Global Custodian and Cash Manager by Haycen

LONDON--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) announced today that it has been selected by Haycen Bermuda Ltd. (Haycen) – a trade finance digital payments provider, with operations in the UK and Europe – to deliver global custody and money market fund services.

Haycen delivers wholesale stablecoin-based solutions for non-bank lenders in global trade. Haycen offers global trade participants increased availability to USD in a digital format alongside an instant settlement capability, reducing the traditional friction associated with cross-border liquidity transfers. Haycen provides fully collateralized single currency pegged stablecoins in multiple currencies, seeking to reward its clients for maintaining their funds in Haycen’s digital payment ecosystem.

Under the new mandate, Northern Trust Asset Servicing will provide Haycen with global custody services for its client fiat deposits. Northern Trust Asset Management will provide cash sweep services.

Ian Hamilton, head of Asset Owners Europe, Asset Servicing at Northern Trust, said: “At Northern Trust, we offer clients the strength and stability of our custody business combined with an innovative approach to the future of the industry. Haycen recognized this value and selected us to help support their investment objectives. By pairing our client-focused approach with close collaboration with our Northern Trust Asset Management partners, we provide a seamless service experience that helps our clients succeed. We're excited to bring this to our relationship with Haycen.”

Luke Sully, Founder & CEO of Haycen, said: “We have been working with the team at Northern Trust for a year to develop and refine the operating model needed to deliver a high quality stablecoin for global markets. This is a key moment in the evolution of new digital-first financial services and represents a step forward for our stablecoin businesses to be trusted with advancing global commerce. Northern Trust took the time to understand our unique requirements in order to provide us with the best experience for our unique ecosystem. With their reputation as a trusted industry leader and innovator, Northern Trust adds a layer of expertise we need, and we're eager to embark on this journey together.”

About Haycen

Haycen Bermuda Ltd delivers stablecoins and payment solutions to SMEs, corporate clients and financial intermediaries, focusing on global trade. The Haycen senior management team consists of former executives and technologists from Goldman Sachs, IBM, JP Morgan and Barclays who have founded multiple Fintech projects. Haycen is headquartered in Bermuda and holds a VASP registration in the EU. For more information on the business, visit www.haycen.com or follow the Haycen Stablecoin Podcast at https://apple.co/3WSRN47.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2024, Northern Trust had assets under custody/administration of US$16.8 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250327307676/en/

Media Contacts

Europe, Middle East, Africa & Asia-Pacific:

Camilla Greene

+44 (0) 20 7982 2176

Camilla_Greene@ntrs.com

Simon Ansell

+ 44 (0) 20 7982 1016

Simon_Ansell@ntrs.com

US & Canada:

John O’Connell

+1 312 444 2388

John_O’Connell@ntrs.com 

http://www.northerntrust.com

Source: Northern Trust Corporation

FAQ

What services will Northern Trust (NTRS) provide to Haycen Bermuda?

Northern Trust will provide global custody services for Haycen's client fiat deposits and cash sweep services through Northern Trust Asset Management.

How does Haycen's stablecoin solution benefit global trade participants?

Haycen offers increased USD availability in digital format with instant settlement capability, reducing friction in cross-border liquidity transfers.

What is the scope of the partnership between Northern Trust (NTRS) and Haycen?

The partnership involves custody services for fiat deposits and money market fund services, following a year of collaboration in developing Haycen's stablecoin operating model.

What type of stablecoins does Haycen offer through the Northern Trust (NTRS) partnership?

Haycen provides fully collateralized single currency pegged stablecoins in multiple currencies within their digital payment ecosystem.