{"id":454438,"date":"2021-03-10T04:21:31","date_gmt":"2021-03-10T09:21:31","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=454438"},"modified":"2021-03-10T04:21:31","modified_gmt":"2021-03-10T09:21:31","slug":"a-groundbreaking-initiative-in-israels-banking-system-a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-s","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/a-groundbreaking-initiative-in-israels-banking-system-a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-s\/","title":{"rendered":"A Groundbreaking Initiative in Israel&#8217;s Banking System &#8211; A Bank and a Fintech Company Join Forces: Leumi and Tarya Fintech Sign Strategic Partnership Agreement to Jointly Develop an Innovative Core System for Leumi&#8217;s Mortgage Operations"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">The synergy between Tarya Fintech&#8217;s innovative technology and unique DNA and Leumi&#8217;s digital-technological leadership, extensive use of models, experience and knowledge &#8211; will lead to the creation of an innovative, agile and customized mortgage platform<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">TEL AVIV, Israel<\/span>, <span class=\"xn-chron\">March 10, 2021<\/span> \/PRNewswire\/ &#8212; Leumi (TASE:<span><\/span>LUMI)<span>\u00a0<\/span>\u00a0and Tarya Fintech have joined forces in a strategic initiative to develop and adapt Leumi&#8217;s (core) mortgage system, as part of the Bank&#8217;s modernization project. The synergy between Tarya Fintech&#8217;s innovative technology and unique DNA and Leumi&#8217;s technological leadership, experience and knowledge will lead to the creation of an innovative, agile and customizable digital mortgage platform. The system will be developed with a holistic view of customers&#8217; needs and financial decisions at various stages of their lives.<\/p>\n<p>Although mortgage credit is one of the major areas of activity in the banking system (more than 30% of banks&#8217; credit portfolio is comprised of mortgages), the process of taking out a mortgage loan is often highly cumbersome. The new system will alter the way mortgages are obtained, giving customers a state-of-the-art, user friendly and transparent experience across the entire process, at the time and place of the customer&#8217;s choosing. The system will offer unique capabilities, new to the world of banking, with the aim of cutting red tape, shortening underwriting processes and simplifying the various approvals required &#8211; in order to offer customers a concise, speedy response, tailored to their needs.<\/p>\n<p>The system, which is currently under development, will be available for use by Leumi and <span class=\"xn-person\">Tarya Israel<\/span> in <span class=\"xn-location\">Israel<\/span>; Tarya Fintech will be able to use the system to serve its customers worldwide.<\/p>\n<p>Leumi, one of Israel&#8217;s leading banks, is considered a pioneering innovator in the field of banking: as early as 2016, it became the first bank in the country to use cloud technology; in 2017, it established PEPPER, Israel&#8217;s first digital bank; and recently, it launched a fully-digital mortgage loan, which also enables customers to obtain mortgage consulting services over Zoom. Jointly developing the system with Tarya will allow the Bank to make a groundbreaking leap in the field of mortgages. <\/p>\n<p>Tarya was established in 2014 and has become Israel&#8217;s largest P2P\u00a0 lending company. Tarya leads the market through its digital system for alternative investments, most of which are backed by real estate collateral;\u00a0 among other things, the company has extended mortgages totaling approx. <span class=\"xn-money\">NIS 1 billion<\/span> to the general public. Since its inception, over <span class=\"xn-money\">NIS 4.5 billion<\/span> has been processed through Tarya&#8217;s platform. The company&#8217;s outstanding loans portfolio, backed by the company&#8217;s real estate collateral, totals over <span class=\"xn-money\">NIS 2 billion<\/span>. <\/p>\n<p>Founded by Eyal Elhayany, <span class=\"xn-person\">Varda Lusthaus<\/span> and Assaf Shlush, Tarya has gained traction with a series of unique technological developments. Among other things, the company has developed a smart algorithm that generates a virtual credit rating that is able to predict the borrower&#8217;s repayment capacity.\u00a0 <\/p>\n<p>In <span class=\"xn-chron\">December 2020<\/span>, it was reported that <span class=\"xn-person\">Tarya Israel<\/span> is expected to go public, by way of a merger into public company skeleton Luzon Real Estate, controlled by businessman Amos Luzon.<\/p>\n<p>\n        <b><br \/>\n          <span class=\"xn-person\">Hanan Friedman<\/span>, President &amp; CEO of Leumi:<\/b>\u00a0&#8220;Leumi leverages its technological-digital strategy &#8211; which has proven itself over the past year &#8211; through collaborations with fintech companies. This is key to tomorrow&#8217;s banking, that is all the more relevant given the imminent entry of the open banking reform, which we regard as an opportunity. Leumi intends to be a leader in collaborations and \u00a0the first choice of fintech companies, in order to bring innovative service value to customers of all banks. The collaboration with Tarya will further strengthen our business focus on mortgages and allow us to take another leap forward in the rapid launch of disruptive products&#8221;.<\/p>\n<p>\n        <b><br \/>\n          <span class=\"xn-person\">Jaime Schcolnik<\/span>, Head of Leumi&#8217;s Technologies Division<\/b>: &#8220;Leumi is in the process of technological innovation, which includes building a technological architecture that enables a leap into the future. In this framework, we leverage technological collaborations with fintech, enabling them to connect to the Bank&#8217;s systems, as part of the open banking reform. The unique collaboration with Tarya will lead to the development of a modern mortgage platform that will provide a swift, varied response to customers&#8217; needs&#8221;.<\/p>\n<p>\n        <b>Tarya Israel CEO, Shahaf Erlich<\/b>: &#8220;I welcome the important deal with Bank Leumi, which is reflective of the new world of banking. Together with Leumi, Tarya will develop a cutting edge technology to improve customer experience and revolutionize the mortgage market&#8221;.<\/p>\n<p>\n        <b>Assaf Shlush, Founder and CEO of Tarya Fintech<\/b>: &#8220;We are proud to lead the first-of-its-kind joint initiative between a fintech and a leading bank. For the first time in <span class=\"xn-location\">Israel<\/span>, a fintech with a proven financial technology platform and extensive international experience joins forces with an Israeli bank which is at the forefront of substantial modernization, as a true fintech partner, to jointly develop a core system. We thank Leumi &#8211; which champions an innovative approach to digital banking &#8211; for choosing Tarya Fintech to lead the development of the core mortgage system.\u00a0We believe that this joint initiative is the first step in a strategic cooperation aimed at leveraging strengths, boosting joint growth and creating significant added value for customers in <span class=\"xn-location\">Israel<\/span>&#8220;.<\/p>\n<p>Contact: <\/p>\n<p>\n        <span class=\"xn-person\">Adi Molcho Weinstein<\/span><br \/>\n        <br \/>VP, Investor Relations, Leumi<br \/><a target=\"_blank\" href=\"mailto:InvestorRelations@bankleumi.co.il\" rel=\"nofollow noopener noreferrer\">InvestorRelations@bankleumi.co.il<\/a><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=LN04989&amp;sd=2021-03-10\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/a-groundbreaking-initiative-in-israels-banking-system---a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-system-for-leumis-mortgage-oper-301244308.html\">http:\/\/www.prnewswire.com\/news-releases\/a-groundbreaking-initiative-in-israels-banking-system&#8212;a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-system-for-leumis-mortgage-oper-301244308.html<\/a><\/p>\n<p>SOURCE  Bank Leumi<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=LN04989&amp;Transmission_Id=202103100418PR_NEWS_USPR_____LN04989&amp;DateId=20210310\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The synergy between Tarya Fintech&#8217;s innovative technology and unique DNA and Leumi&#8217;s digital-technological leadership, extensive use of models, experience and knowledge &#8211; will lead to the creation of an innovative, agile and customized mortgage platform PR Newswire TEL AVIV, Israel, March 10, 2021 \/PRNewswire\/ &#8212; Leumi (TASE:LUMI)\u00a0\u00a0and Tarya Fintech have joined forces in a strategic initiative to develop and adapt Leumi&#8217;s (core) mortgage system, as part of the Bank&#8217;s modernization project. The synergy between Tarya Fintech&#8217;s innovative technology and unique DNA and Leumi&#8217;s technological leadership, experience and knowledge will lead to the creation of an innovative, agile and customizable digital mortgage platform. The system will be developed with a holistic view of customers&#8217; needs and financial decisions at various stages &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/a-groundbreaking-initiative-in-israels-banking-system-a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-s\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;A Groundbreaking Initiative in Israel&#8217;s Banking System &#8211; A Bank and a Fintech Company Join Forces: Leumi and Tarya Fintech Sign Strategic Partnership Agreement to Jointly Develop an Innovative Core System for Leumi&#8217;s Mortgage Operations&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-454438","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A Groundbreaking Initiative in Israel&#039;s Banking System - A Bank and a Fintech Company Join Forces: Leumi and Tarya Fintech Sign Strategic Partnership Agreement to Jointly Develop an Innovative Core System for Leumi&#039;s Mortgage Operations - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/a-groundbreaking-initiative-in-israels-banking-system-a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Groundbreaking Initiative in Israel&#039;s Banking System - A Bank and a Fintech Company Join Forces: Leumi and Tarya Fintech Sign Strategic Partnership Agreement to Jointly Develop an Innovative Core System for Leumi&#039;s Mortgage Operations - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"The synergy between Tarya Fintech&#8217;s innovative technology and unique DNA and Leumi&#8217;s digital-technological leadership, extensive use of models, experience and knowledge &#8211; will lead to the creation of an innovative, agile and customized mortgage platform PR Newswire TEL AVIV, Israel, March 10, 2021 \/PRNewswire\/ &#8212; Leumi (TASE:LUMI)\u00a0\u00a0and Tarya Fintech have joined forces in a strategic initiative to develop and adapt Leumi&#8217;s (core) mortgage system, as part of the Bank&#8217;s modernization project. The synergy between Tarya Fintech&#8217;s innovative technology and unique DNA and Leumi&#8217;s technological leadership, experience and knowledge will lead to the creation of an innovative, agile and customizable digital mortgage platform. 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will lead to the creation of an innovative, agile and customized mortgage platform PR Newswire TEL AVIV, Israel, March 10, 2021 \/PRNewswire\/ &#8212; Leumi (TASE:LUMI)\u00a0\u00a0and Tarya Fintech have joined forces in a strategic initiative to develop and adapt Leumi&#8217;s (core) mortgage system, as part of the Bank&#8217;s modernization project. The synergy between Tarya Fintech&#8217;s innovative technology and unique DNA and Leumi&#8217;s technological leadership, experience and knowledge will lead to the creation of an innovative, agile and customizable digital mortgage platform. The system will be developed with a holistic view of customers&#8217; needs and financial decisions at various stages &hellip; Continue reading \"A Groundbreaking Initiative in Israel&#8217;s Banking System &#8211; A Bank and a Fintech Company Join Forces: Leumi and Tarya Fintech Sign Strategic Partnership Agreement to Jointly Develop an Innovative Core System for Leumi&#8217;s Mortgage Operations\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/a-groundbreaking-initiative-in-israels-banking-system-a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-s\/","og_site_name":"Market Newsdesk","article_published_time":"2021-03-10T09:21:31+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=LN04989&amp;sd=2021-03-10","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/a-groundbreaking-initiative-in-israels-banking-system-a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-s\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/a-groundbreaking-initiative-in-israels-banking-system-a-bank-and-a-fintech-company-join-forces-leumi-and-tarya-fintech-sign-strategic-partnership-agreement-to-jointly-develop-an-innovative-core-s\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"A Groundbreaking Initiative in Israel&#8217;s Banking System &#8211; 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