Mumbai-based global information technology (IT) services firm Tata Consultancy Services (TCS) will power the first fully digital bank in Israel with its core banking software suite BaNCS.
TCS BaNCS will serve as an online superstore for financial products and services to the bank, which is slated for launch next year, according to a statement.
The digital bank, which is yet to be named, is the first to receive a banking license in the country in the past forty years, according to TCS.
In April, TCS said it entered into a partnership with the country’s finance ministry to build the government’s banking service bureau, which would work as a shared, plug-and-play and digital operations platform that would help startup banks to launch operations faster. The onboarding of the digital bank now is seen as an extension of this partnership, it said.
While the digital bank will not have physical branches, it will provide Israeli citizens with the regular brick-and-mortar banking solutions such as credit, deposits, loans, account management, securities trading and processing, the statement said. It will also have access to all of Bank of Israel’s liquidity tools and various payment systems, it added.
Additionally, the digital bank would help democratise access to banking services in Israel as it will make financial services more accessible to both consumers and startups, the statement said.
“Our platform will embrace an ecosystem led approach to innovation and deliver enhanced outcomes for the Israeli banking landscape. Other sectors too could leverage this business model to provide financial services to customers,” Eyal Moskal, country head of TCS Israel, said.
TCS said that the BaNCS platform will also be available on a subscription-based software-as-a-service (SaaS) model for Israeli banking, financial services and insurance (BFSI) companies. It has been integrated with multiple application program interface (API)-enabled components to address verticals such as wealth management, retail, corporate and private banking, it said.
The BaNCS platform has been installed in 450 banking and financial sites around the globe till date, the company said.