TCS partners with Israel's bank to Fully Digitalize with its Core Banking solution BaNCS

TCS has now signed a deal with the Israel bank to fully digitalize with the help of its core banking software suite BaNCS.

TCS BaNCS will serve as an online superstore for the financial services and products to the bank, launching next year, notes the announcement.

The Digital Bank, which does not have any name yet, is the first bank to receive a banking license in Israel in the past four decades.

In the month of April, TCS revealed that it had signed a strategic partnership with the Government of India to build the government banking service bureau, which would work as a shared, plug and play and digital operations platform that would also be going to help startup banks to launch operations faster.

While on the other hand, digital banks will not going to have any of the physical branches, it will offer Israeli citizens with the regular brick and mortar banking solutions such as loans, deposits, credit, securities trading, account management, and processing.

Executive Opinion

Shouky Oren, chairman of the new bank, said, “We have achieved a key milestone in the Israeli financial services industry by being onboarded on to TCS’ Banking Services Bureau. This approach will reduce the cost of banking for the average citizen and foster the development of innovative and differentiated services. 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.”

Eyal Moskal, Country Head, TCS Israel, said, “The government of Israel is on a path to transform banking in the country with the services bureau transformation initiative. TCS is proud to be the preferred partner and play a vital part in the democratization of the financial services industry in the country. 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.”

TCS and its BaNCS Platform

TCS revealed that the BaNCS platform would also be available on model of subscription-based software as a service (SaaS) for the Israeli BFSI (Banking, financial services and Insurance) companies.

It has been integrated with the multiple Application program Interface (API) enabled components to address different areas of verticals such as retail, wealth management, corporate, and private banking.

The BaNCS platform has already been installed in more than 450 banking and financial sites across the globe to date.