Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Israel’s Bank Hapoalim taps blockchain for bank guarantees, collaborates with Microsoft

Israel-based Bank Hapoalim and tech titan Microsoft are going to team up to develop a blockchain-based platform to create digital bank guarantees, The Times of Israel reported.

With this Bank Hapolim will become the first bank in Israel to explore blockchain potential for financial contracts.

“This is the first collaboration of its kind in Israel in the banking sector that will enable a digital revolution, access to advanced services and the combination of technology and business needs,” said Shelly Landsmann, the CEO of Microsoft Israel. “Microsoft is currently supporting a large number of Blockchain technologies that enable the deployment of different types of networks, depending on the system and the business needs, on the Azure cloud platform.”

A bank guarantee is a guarantee from a bank that the liabilities of a debtor will be met. Bank Hapolim said that currently clients requiring a bank guarantee need to physically go to a branch, transfer the guarantee to the beneficiary, and return it if it is not used. Using blockchain technology, the bank aims to simplify the process of signing up guarantors.

Microsoft will develop a new tool, using Azure cloud technology, to test the functionality of blockchain-based applications.

“The new process will enable Bank Hapoalim customers to receive security documents in a digital, automated and secure manner, without physically coming to the branch and in a very short process,” Hapoalim’s chief executive officer Arik Pinto said in a statement. “The use of Blockchain technology will significantly improve the customer experience and the level of trust in the banking system.”


According to the report, Bank Hapolim is also working with a number of other entities, including the Bank of Israel, to ensure regulatory compliance with regard to the use of latest technologies.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2018-11-20 16:32:42
0m
2018-11-20 16:31:03
0m

November 20 14:30 UTC Released

TRCentral Govt Debt Stock

Actual

1084 Bln TRY

Forecast

Previous

1121 Bln TRY

November 20 13:30 UTC Released

USBuild Permits: Change MM

Actual

-0.6 %

Forecast

Previous

1.7 %

January 31 00:00 UTC 422968422968m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 422968422968m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 434788434788m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 422968422968m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 434788434788m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 422968422968m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 422968422968m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 422968422968m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.