Transforming Israel’s banking sector
7
MINS READ
Products and platforms
- TCS BaNCS™
TCS BaNCS™: Enabling Transformation in Banks and Financial Institutions
Highlights
A shared, end-to-end digital Banking Service Bureau (BSB) powered by TCS BaNCS™ for start-up banks to easily plug into.
The BSB’s modular architecture offers specific best-in-class capabilities to gain competitive differentiation and drive growth.
Connected to the entire banking and securities ecosystem in Israel, including payment gateways, stock exchanges, regulatory authorities and market data providers.
In this article
Digital-only banking
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.
End-to-end innovation
A shared, end-to-end digital platform powered by TCS BaNCS™
TCS built the Banking Service Bureau (BSB), a shared, end-to-end digital banking operations platform powered by TCS BaNCS™, that start-up banks can easily plug into, to launch their operations quickly and securely. It connects to the entire banking and securities ecosystem in Israel, including local and international payment gateways, stock exchanges, various regulatory authorities and market data providers.
TCS' Banking service Bureau powered by the TCS BaNCS product suite has helped us gain an early lead by making available a full digital core for banking, including the necessary infrastructure and operational processes.
Landmark launch
One Zero Digital’s landmark launch
The first bank to commence operations using BSB is One Zero Digital Bank, Israel’s first completely digital bank, and the first to receive a banking license in the country in over 40 years. Currently running as a pilot, the bank will be open for all customers in the coming months.
“As the first digital start-up bank in Israel, our motto is to provide differentiated banking services and use technology to its fullest potential to deliver an innovative alternate to traditional banks. While we have started with Israel, we are keen to grow in other markets too. As part of this journey, TCS' Banking service Bureau powered by the TCS BaNCS product suite has helped us gain an early lead by making available a full digital core for banking, including the necessary infrastructure and operational processes. This has given us the space to focus on our core offerings and launch banking services in rapid time.” says Gal Bar Dea, CEO, One Zero Bank
Network boost
The growing network of smart, secure banking
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.
what made this happen
Our banking clients serve everyone from high-net-worth households or first-time homeowners to people opening bank accounts through financial inclusion initiatives. Encompassing solutions for payments, transaction banking, treasury, reconciliations, and risk management, our solutions help banks foster rapid growth, innovate at scale, and realize a shared purpose through the TCS BaNCS ecosystem.
TCS BaNCS is used in more than 100 markets globally, across the Capital Markets value chain encompassing asset servicing, brokerage, market infrastructure institutions and custodians. A set of industry-leading products, TCS BaNCS has helped both buy-side and sell-side institutions implement robust, error-proof, STP-enabled processes spanning trade processing, clearing and settlement and portfolio accounting across multiple assets and markets. On the retail and institutional brokerage side, customers have seen breakthrough growth in trade volumes, while being able to handle 100,000+ concurrent users with microsecond response times.
Market infrastructure institutions have been able to combine high performance, low latency, and best-in-class resilience with the agility to introduce new products and multiple asset classes with the TCS BaNCS solution.
TCS BaNCS for Insurance is an end-to-end core insurance solution spanning life, annuity, pensions, property and casualty, reinsurance, and health insurance, and is designed to support every event in the lifecycle of a policy. The solution services over 30 million life, annuity, and pension policies and 135 million property and casualty policies for customers in UK, Australia, New Zealand, South Africa, Middle East, Hong Kong and India.
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