Regulatory Alerts2018-11-13
Bank of Israel Amends Proper Conduct of Banking Business Directive Regarding Payment Card Information
The Bank of Israel has amended Proper Conduct of Banking Business Directive no. 470 to implement Section 7G of the Banking (Service to the Customer) Law, which mandates the consolidation of payment card transaction information for customers. The revised directive requires banking corporations to provide detailed transaction data via digital channels such as websites and mobile applications, while also allowing issuers to deliver contracts through various identification-verified methods. These changes aim to equalize the usability of bank and non-bank cards, thereby fostering competition in the credit card market by enabling customers to monitor all their payment activities in one location.
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