Bank of Israel proposes open banking rules to foster competition
Banks and credit card companies to allow supervised third parties access to their customers’ accounts
The Bank of Israel published guidelines on December 4 to implement an open banking standard with the aim of promoting innovation and competition in the financial sector.
The main proposal of the draft requires banks and credit card companies to enable supervised third parties access to their customers’ accounts, if customers give consent.
The plan “will help create real value for the financial customer in a variety of products,” says governor Amir Yaron. “For instance, by comparing costs and
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