Bank of Israel representatives participated in the Banking Law Conference

The Banking Law Conference was held by the Israel Bar Association, and dealt with innovations, trends, and legislative initiatives in the banking field.  Professional representatives of the Bank of Israel participated in the conference.  The following are selected quotes from their remarks:

 

Oded Salomy, Director of the Payment and Settlement Systems Department at the Bank of Israel, delivered the opening lecture of the session dealing with the world of new banking.  Salomy emphasized that, “The payments system is a strategic focus for the economy and for the Bank of Israel, which is advancing stable and efficient payment systems that offer innovative value such as digital wallets, immediate payments, digital checks, and more.”

 

Adv. Ronen Nisim of the Bank of Israel Legal Division also participated in this session.  He noted that, “In addition to opportunities and advantages, the use of new technology to provide financial services poses various challenges such as maintaining customers’ rights, advancement of financial and digital literacy, and protection customer’s privacy.  The Banking Supervision Department is expected to publish a Proper Conduct of Banking Business draft directive concerning the management of risks inherent in the provision of payment services connected with digital currencies.”

 

Eyal Hadad, the Bank of Israel’s Supervisor of Credit Data Sharing, participated in a session that dealt with the nonbank legal system.  He presented the importance of the credit data register, and noted that, “Since the credit data register came online, the information barrier was removed, and credit providers, even those with whom the customer does not manage a current account, can now better conduct their credit underwriting, while offering customers better interest rates.  We expect that the customers will become acquainted with their credit ratings, and will compare terms, both within the bank credit system and within the nonbank credit system, before signing a credit transaction.​