TCS launches new Blockchain-based Digital Bank Guarantee Platform in Israel

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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