Open Banking
A regulatory framework requiring banks to share customer data, with consent, via standardized APIs to licensed third parties. Israel's regime, under the Bank of Israel and Strum reforms, enables fintech competition.
Open banking is a regulatory framework requiring banks to share customer financial data, with consent, through standardized APIs to licensed third parties. Israel's regime, advanced under the Bank of Israel and the Strum reforms, was designed to break the dominance of the largest banks and enable fintech competition.
Why it matters. Open banking is the regulatory lever behind Israel's consumer-fintech wave. It determines which startups can reach bank customers directly — reshaping the competitive map against Hapoalim and Leumi.
See also: Va'adat Strum · Bank of Israel · CBDC