Israel’s largest bank is working with software giant Microsoft to develop a blockchain-based platform that creates digital bank guarantees.
Times of Israel According to , Bank Hapoalim – the wealthiest bank in the country – is trying to digitize this process, which is largely on paper. Reportedly, the Bank of Israel (state’s central bank) is in discussions during the project’s construction phase.
Hapoalim’s CEO, Arik Pinto, said in a statement:
“The new process will enable Bank Hapoalim customers to receive their security documents in a short time through digital, automated and secure means without physically coming to the branch. The use of blockchain technology will significantly improve the customer experience and the level of trust in the banking system.”
The project is built on Microsoft Azure, the cloud computing service of the technology giant that has become the center of Blockchain work.
Microsoft Israel CEO Shelly Landsmann of the venture said: “This is the first collaboration of its kind in the Israeli banking industry that will provide access to advanced services and a combination of technology and business needs. A digital revolution that can be portrayed as
Other banks, including Australia’s Westpac, are also blockchain-based bank guarantees on the move—mainly on the borrower side. started researches on a system that will provide credit to the client in case of a problem.
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