OFEK Credit Union selects TCS' Banking Service Bureau product

Tata Consultancy Services (TCS) has announced that Israel’s OFEK Credit Union (OFEK) has selected TCS’ Banking Services Bureau (BSB), powered by TCS BaNCS, to achieve its growth and transformation goals.

OFEK was formed in year 2012 with the goal to achieve households and small businesses in Israel with easy access to credit through peer-to-peer lending while also promoting sustainability and social value. More recently, OFEK obtained a formal license to supply banking services which has given further impetus to its strategic objectives.

OFEK selected TCS’ BSB powered by TCS BaNCS, to quickly launch its operations and offer innovative and contextual digital banking services. TCS BaNCS’ market-ready banking and securities solution and rich set of APIs delivered on a SaaS model, will help OFEK connect to and integrate with the market ecosystem and build a vibrant and comprehensive digital financial offering for its customers.

TCS’ BSB, supported by Israel’s Ministry of Finance, offers a first-of-its kind, fully componentized digital banking platform, enabling the design and delivery of financial services, powered by APIs and a digital core. 

The platform is centered on the industry leading TCS BaNCS suite of solutions for banking, capital markets and insurance and is available for easy onboarding. BSB is a platform for ecosystem integration and enables the provision of innovative financial services to end consumers.

At around 2:07 PM, Tata Consultancy Services Ltd is currently trading at Rs3,031.25 per share up by Rs22.6 or 0.75% from its previous closing of Rs3,008.65 per share on the BSE.