TCS partners with Israels first fully-digital bank

Tata Consultancy Services (TCS) has announced that Israel’s first fully-digital bank has partnered with TCS as the first customer of its banking service bureau, powered by TCS BaNCS.

The digital bank in Israel, which is yet to be named, is the first one to receive a banking license in the country in more than 40 years and is expected to launch by 2021. The bank as the name suggests, will have no physical branches and will offer Israeli citizens with regular banking services related to credit, deposits, loans, account management, securities trading and processing. This bank when set-up will have an access to all of Bank of Israel’s liquidity tools and various other payment systems. Israel’s Ministry of Finance selected TCS to aid in transforming its banking sector by building a banking service bureau that will serve as a shared, plug-and-play, digital banking operations platform-powered by TCS BaNCS Global Banking Platform to help start-up banks launch their operations very quickly, thus boosting competition in the financial sector.

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