Israeli Standards for Identity Verification by Financial Institutions

Until recently, Fintech companies and financial service providers in Israel were required to identify their customers in person, without the ability to do so online. Non-banking financial services require a digital identification system, which is critical for online and app-based businesses that lack bank branch infrastructure. Institutions in Israel, contrary to European and US standards, had to identify their customers “face […]

How Payment & Lending Are Combined in Israel

The local payments market in Israel has evolved differently from the international market due to Israelis’ expectations for payment solutions that also incorporate financing options. Now, as regulators are promoting a set of reforms to adopt the next generation of payment methods in Israel, it is essential to consider the unique needs of the local […]

Payment Licensing Reform in Israel

In June 2023, a reform was finalized to establish a dedicated regulatory framework for payment companies in Israel. The aim is to align with global standards in this sector. As part of this framework, the “Payment Services and Payment Initiation Act of 2023” designates the Israeli Securities Authority (ISA) as the primary regulator of payment […]

Payment Initiation Services in Israel

The momentum of direct and immediate payment transfers between accounts (Account to Account or A2A) is growing globally, but an infrastructure for instant payments without using credit cards hasn’t been established yet in Israel. However, financial regulators are now actively working to bridge this gap. So, what does the future hold for the payment market […]