Israel: Central Bank Announces Project for Regulating API Standards for Open Banking

On August 6, 2018, the Bank of Israel published a call for information on the beginning of a project to regulate an API standard for open banking in the domestic banking system. The initiative applies to fintechs interested in taking part in the development of the project, and aims to establish the necessary standards for the open banking ecosystem, to allow the participation of new entrants and to increase competition in the banking industry.

The standardisation features include:

  • Terminology.
  • List of API services.
  • Rules.
  • Cybersecurity.
  • Privacy protection.

The platform will share the consenting customer’s financial information, including:

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