Tata Consultancy Services (TCS) on Wednesday (15 April) announced that Israel's first fully digital bank, has partnered with TCS as the first customer of its Banking Service Bureau, powered by TCS BaNCS.
TCS said it was selected by Israel's Ministry of Finance to transform its banking sector by building a banking service bureau that would serve as a shared, plug-and-play, digital banking operations platform-powered by the TCS BaNCS Global Banking Platform-to help start-up banks launch their operations very quickly.The digital bank, which is yet to be named, is the first to receive a banking license in the country, in over 40 years and is set to launch in 2021. It will have no physical branches and will provide Israeli citizens with all the services that regular brick and mortar banks offer, including credit, deposits, loans, account management, securities trading and processing. The new bank will have access to all of Bank of Israel's liquidity tools and various payment systems, TCS said. The news was announced during market hours today, 15 April 2020.
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TCS' consolidated net profit rose 0.94% to Rs 8,118 crore on 2.25% increase in net sales to Rs 39,854 crore in Q3 December 2019 over Q2 September 2019.
TCS is an IT services, consulting and business solutions organization that has been partnering with many of the world's largest businesses in their transformation journeys for the last fifty years.
Shares of TCS declined 1.60% to Rs 1,730.30 on BSE. The scrip hovered in the range of Rs 1,730.30 to Rs 1,812.25 so far.
The firm is set to announce its Q4 results tomorrow, 16 April 2020.
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