Tata Consultancy launches new blockchain-based digital bank guarantee platform in Israel
Tata Consultancy Services (TCS) 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, The Paypers reports.
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 the 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.