Tata Consultancy launches new blockchain-based digital bank guarantee platform in Israel

Thursday 10 December 2020 08:15 CET | News

Tata Consultancy Services (TCS) has launched a new transformative Digital Bank Guarantee platform, powered by the Quartz Blockchain solution, as part of the Banking Service Bureau (BSB), operated by TCS for the digital banking industry in Israel.

TCS’ Digital Bank Guarantee SaaS platform runs on Microsoft Azure and helps banks digitally transform the end-to-end lifecycle of guarantees, including issuance, modification, termination, and invocation. Support for open APIs defined by various beneficiaries – such as government entities, corporates, SMEs and individuals – enables the sharing of data with them, eliminating the need for separate individual interfaces. The use of hyper-automation will help banks improve speed of execution, reduce fraud and manual errors, and enhance transparency, security, and data privacy.

This platform will function as a marketplace where both issuers and beneficiaries can manage their digital guarantees portfolio, including issuance, extension, and cancelation. Issuers that join the platform will enable their customers to benefit from this mutualized solution conforming to the Accountant General standard. Aggregators can also use it to offer their customers a managed platform for their digital guarantees, and corporates can directly connect to their internal systems.

The Quartz solution will create a dedicated blockchain node for issuers through which the digital guarantees will be transmitted securely. This end-to-end solution will serve as a blockchain ecosystem that can support additional use cases over time, not only in the region but also globally. 

Quartz is a startup incubated by TCS, and provides foundational technology, tools and business components for creating distributed ledger solutions across varied industries. Built on the core principles of Coexistence, Integration and Interoperability, Quartz enables existing systems to coexist and integrate with blockchain platforms and other messaging networks.

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Keywords: Tata Consultancy, blockchain, Quartz, digital banking, Open API, banking technology
Categories: Banking & Fintech
Countries: Israel
This article is part of category

Banking & Fintech