TCS gains on launching digital bank guarantee platform in Israel

TCS rose 1.06% to Rs 2,826.05 after the company said it has launched a new blockchain-based transformative digital bank guarantee platform in Israel.

The IT major's blockchain-based digital bank guarantee SaaS (software as a service) platform runs on Microsoft Azure and helps banks digitally transform the end-to-end lifecycle of guarantees, including issuance, modification, termination, and invocation. This platform will function as a marketplace where both issuers and beneficiaries can manage their digital guarantees portfolio, including issuance, extension, and cancelation.

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, the company announced after market hours yesterday, 8 December 2020.

The IT major reported a 6.45% rise in consolidated net profit to Rs 7,504 crore on a 4.73% increase in net sales to Rs 40,135 crore in Q2 September 2020 over Q1 June 2020.

TCS is an IT services, consulting and business solutions organization.

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