Esh Bank is opening its core technology platform to the broader Israeli market for the first time, in a move it says could lower barriers to entry in banking and widen competition in the financial sector.
As part of the initiative, Aman Group has been chosen as the exclusive representative of the bank’s eOS platform in Israel and will be responsible for marketing and implementing the technology for other financial institutions.
The move marks a major step in Esh’s effort to expand beyond traditional banking and position itself as a technology player offering services across the financial ecosystem. The bank said the eOS platform, developed and tested internally over several years, is designed to support faster innovation, greater operational flexibility and an improved customer experience.
Aman, one of Israel’s larger technology and systems integration companies, was selected to help deploy the platform at scale and adapt it to the needs of financial organizations.
Esh said the initiative reflects a broader shift it wants to promote in the industry, moving away from closed banking systems and toward a more open and collaborative model.
One of the main obstacles facing new entrants to the banking market is the gap between technology and regulation, according to a 2022 report by the state comptroller that the bank said remains relevant. Until now, so-called banking bureau models have generally offered rigid systems that leave institutions heavily dependent on vendors. Those systems often require regulatory adjustments that create significant operational and financial burdens, limiting flexibility and innovation.
Esh and Aman said their partnership is meant to address that problem directly. They said the eOS platform is cloud-based, flexible and built with regulatory compliance embedded in the system. That, they said, would allow lean digital banks to enter the market more quickly, cut costs and reduce reliance on outside vendors.
Under regulatory changes tied to Israel’s lean banking reform, Aman said it also plans to work with nonbanking entities, including technology companies, retailers and other businesses that want to offer banking services as part of their operations.
The eOS platform was developed as an operating system for banking, the companies said. It is designed to unify the technological, regulatory and business processes inside a bank, which are often spread across multiple systems that require complex synchronization. By consolidating those operations onto a single platform, the companies said, eOS can simplify technological demands, reduce time and costs and improve efficiency.
The platform also supports a banking-as-a-service model, allowing both financial and nonfinancial organizations to offer banking services more quickly and flexibly.
Aman Group CEO Ben Pasternak Photo: Nir Alon“The banking world is at a turning point, where technology is the key factor shaping competition,” Ben Pasternak, chief executive and owner of Aman Group, said in a statement. “Our collaboration with eOS allows us to bring to the Israeli market an innovative platform that will transform how financial organizations build and deliver services. We see this as an opportunity to lead the next generation of banking infrastructure in Israel and enable organizations to operate faster, smarter and more efficiently.”
Yuval Aloni, founder and chief executive of Esh Group, said the move reflects the company’s long-term vision of opening banking infrastructure to a wider market.
“The financial world is becoming autonomous,” Aloni said in a statement. “This move reflects the vision that has guided us since the company’s inception: banking should not remain closed within itself. The eOS technology platform was developed out of real need, and we are proud to open it to the market, enabling additional financial institutions to benefit from advanced capabilities at scale. Our partnership with Aman allows us to rapidly and meaningfully bring this vision to Israel.”
Aman Group is one of Israel’s leading information technology companies, providing services to major organizations in Israel and abroad. The group employs about 5,000 people and includes 16 subsidiaries and business units operating in Israel and internationally. It provides business-to-business solutions in areas including data, digital services, cybersecurity, information security, knowledge management, software development, infrastructure, supply chain and chip strategy.