Client updates / Bank of Israel

Bank of Israel Expands “Identification Code” in Payment Systems: Latest Measure to Increase Competition and Open Up the Financial Market

18 January 2026 / Efrat Cohen

The Bank of Israel recently issued its decision to expand the identification code used by banking corporations and nonbank entities to connect to payment systems from two digits to three digits. While ostensibly only a technical change, in practice it is a significant step that will enable financial entities to hold accounts and transfer funds for customers directly and independently, without relying on existing banks.

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Categories: Banking Regulation | Regulation

New Bank of Israel Directive: Banks May Restrict Accounts of Sanctioned Israelis

8 January 2026 / Efrat Cohen, Amichai Cohen

On December 30, 2025, the Supervisor of Banks published Directive 412, aimed at instructing banking corporations on providing services to customers subject to international sanctions.

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Categories: Banking & Finance | International Law | Regulation

Israel’s Latest Attempt to Increase Competition in the Banking Sector

11 August 2025 / Efrat Cohen

On August 6, 2025, the interministerial team to increase competition in the retail banking sector (established by Israel’s Minister of Finance in collaboration with the Governor of the Bank of Israel) published its recommendations on the measures needed to increase competition in banking services.

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Categories: Banking & Finance | Banking Regulation

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Client updates / Bank of Israel