As part of this directive, the banks and credit card companies will be required to enable licensed and supervised third parties to gain access to a customer’s account, with the customer’s explicit consent, in order to obtain information or execute transactions. This regulation is another step being taken by the Bank of Israel to advance competition and innovation in the Israeli banking system. With this step, the Bank of Israel joins a number of regulators and entities in the world (such as in the UK, Australia, Singapore, the EBA, and others) who have published Open Banking principles for the financial system.
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