Israel’s first fully digital bank, which is yet to be named, selected Tata Consultancy Services’ (TCS) banking service bureau platform to launch digital banking services in the country.
In over 40 years, the new bank is the first digital bank to receive a banking license in Israel. It is expected to commence operations in 2021.
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The unnamed bank will provide citizens with all the services including credit, deposits, loans, account management, securities trading and processing.
The TCS’ banking service bureau is a shared, plug-and-play, digital banking operations platform is powered by TCS BaNCS Global Banking Platform.
The new bank’s chairman Shouky Oren said: “TCS is uniquely positioned to deliver these services due to its market-ready and industry-leading TCS BaNCS Global Banking Platform as well as its ecosystem integration.”
The platform, which is a system-as-a-service (SaaS) model, enables banks to offer products and services tailored to customers’ needs and over the devices they choose.
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By GlobalDataIts API-enabled components support digital, retail, corporate and as well as private banking space, among others.
The platform has been installed successfully at 450 sites so far with around-the-clock availability, supporting a variety of products and services from various sectors.
TCS financial solutions head Venkateshwaran Srinivasan said: “TCS and the TCS BaNCS Global Banking Platform will help new and existing banks in Israel quickly adopt a modern digital core banking solution and benefit from our continuous investments and product roadmap.”
TCS Israel country head Eyal Moskal added: “Other sectors too, could leverage this business model to provide financial services to customers.”
