Bank of Israel begins push for open banking
Regulation of APIs designed as part of several measures to promote banking sector competition
The Bank of Israel is pushing for the launch of open banking, unveiling a project today (August 6) that will regulate an application programming interface (API) standard for banks.
The central bank describes open banking, which gives bank customers much greater control over their data, as an issue of “national importance”, forming part of a broader strategy to boost competition.
Open banking, which others such as the European Union and Australia have also been working towards, allows customers
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