ofek credit union: TCS’ Banking Service Bureau, Israel wins OFEK Credit Union agreement

Tata Consulting Services (TCS) said on Monday that Israel OFEK Credit Union (OFEK) selected CDS‘Banking Services Office (BSB) for a growth and transformation agreement. Financial details of the deal were not disclosed.

OFEK selected CDS‘BSB powered by TCS Benchesto launch its digital banking operations.

“The office was created based on a philosophy that resonates with us, which is to democratize access to the banking and financial services sector in Israel, to provide instant access to innovative digital solutions for households and small businesses, while contributing to a resilient environment and a socially responsible industry,” said Tom DromiCEO, OFEK Box.

OFEK was established in 2012 to provide households and small businesses in Israel with easy access to credit through peer-to-peer lending. Recently, OFEK obtained an official license to provide banking services.

“We are delighted to be a partner of Israel’s Ministry of Finance and help it realize its vision for the national banking industry with our banking services desk,” said Venkateshwaran Srinivasan, Global Head, TCS Financial Solutions.

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