TCS, which has head offices in Mumbai, was chosen by Israel’s Ministry of Finance to lead the nation’s digital transformation efforts by establishing a banking service bureau that will operate as a shared, plug-and-play, virtual banking platform.
The IT company uses its proprietary BaNCS global banking platform to assist emerging or new banks with launching digital platforms in an efficient manner. The new digital bank’s name has not been announced, being expected to launch in 2021.
The digital-only will offer all the typical financial services that physical branch locations provide such as credit, deposits, loans, account management, securities trading, and processing. The neobank will reportedly have access to all of Bank of Israel’s liquidity tools and standard payment platforms.
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