Tata Consultancy Services 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. Bank Hapoalim, Israel’s largest bank that currently manages more than 30% of the total bank guarantees in the country, has signed up as the anchor customer for the platform.
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 seamless 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.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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