Boosting competition, sparking innovation to rejuvenate banking
The Government of Israel’s Ministry of Finance was looking to encourage the entry of new digital-only banks that would boost competition, spark greater innovation and rejuvenate the banking sector. It selected TCS to play a leading role in this initiative, for its deep domain knowledge in the banking industry and experience in working with the largest financial institutions in the world.
Besides start-up banks, incumbent banks can also take advantage of the BSB’s modular architecture and consume only specific best-in-class capabilities to gain competitive differentiation and drive growth.
One of the modules in the BSB is its Digital Bank Guarantee platform, powered by TCS’ Quartz® blockchain solution. It digitally transforms the end-to-end lifecycle of guarantees, enables seamless data sharing with various beneficiaries, faster execution, reduced errors, and enhanced transparency, security and data privacy. Bank Hapoalim, Israel’s largest bank, with a 30% share of all bank guarantees in the country, has signed up for this platform.
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