TCS, Israel bags OFEK Credit Union transformation deal

CIOTechOutlook Team | Tuesday, 20 September 2022, 03:42 IST

Israel's OFEK Credit Union (OFEK) has chosen TCS' Banking Services Bureau (BSB) for a growth and transformation project, according to Tata Consultancy Services (TCS). Finances for the deal were not made public.

OFEK selected TCS’ BSB powered by TCS BaNCS, to launch its operations digital banking services.

“The bureau has been set up based on a philosophy that resonates with us, which is to democratize access to the banking and financial services sector in Israel, provide instant access to innovative digital solutions to households and small businesses, while also contributing to a resilient and socially responsible industry,” said Tom Dromi, CEO, OFEK Credit Union.

OFEK was formed in 2012 to enable households and small businesses in Israel with easy access to credit through peer-to-peer lending. Recently, OFEK obtained a formal license to supply banking services.

“We are delighted to be a partner to Israel’s Ministry of Finance and help them realize their vision for the nation’s banking industry with our Banking Service Bureau,” said Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions.