Tata Consultancy Services to launch a digital only bank in Israel

Monday 27 April 2020 12:19 CET | News

India-based Tata Consultancy Services (TCS), an IT service and consulting company, has announced that it will launch an all-digital bank in Israel.

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.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: digital banking, Israel, neobank, Tata Consultancy Services, banking licence, IT, banking service, BaNCS, credit, loans
Categories: Banking & Fintech
Countries: Israel
This article is part of category

Banking & Fintech

Industry Events