Israel: Central Bank Announces Project Simplifying Online Bank Switching for Customers

On May 23, 2019, the Bank of Israel announced that, as part of its initiative to increase competition in the banking system, it intends to undertake a project with the aim of simplifying the process for customers switching from one bank to another online.

The Bank of Israel is going through a restructuring of the market and this project constitutes a joint initiative undertaken with the Ministry of Finance.

In line with Amendment 27 to the Banking (Service to Customer) Law 5741-1981, every bank in Israel has a deadline of 2021 to develop an online system that will allow customers to switch bank accounts in a simple, secure, cost-free and convenient fashion.

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