Israel’s Bank Hapoalim has joined blockchain platform Digital Bank Guarantee from Tata Consultancy Services.
The platform is built on Quartz blockchain and focuses on digital banking services in Israel. With its help, banks can regulate the bank guarantee process more effectively.
The guarantee service secures the debtor’s obligations to the creditor. In the event of default, the bank will reimburse the cost.
In the future, the range of services will be extended to The News Spy scam other services besides guarantees.
Hapoalim CEO Dov Kotler believes that the introduction of Digital Bank Guarantee will expand the customer base by attracting the corporate sector, small and medium-sized businesses, and private individuals.
Financial institutions that deal with debt are increasingly adopting blockchain technology into their systems.
Australian banks, for example, are actively adopting such technology. Three of the four largest banks are forming a company to digitise bank guarantees.