Customers will be able to use their bank’s website to access information about transactions made on a nonbank payment card

The Increasing Banking Competition Law requires the banking corporations to display, on the website on which the customer manages his bank account, information regarding transactions made using a nonbank payment card.

 

Supervisor of Banks Dr. Hedva Ber: “The change will encourage competition in the credit card market, by enabling customers to use the same platform to view information about nonbank cards in their possession as well, and will help them control their expenses and manage their use of all cards in their possession in an informed manner.”

 

The amendment to the directive regulates the bank’s presentation of the information, including:

  • Basic information will be displayed in the customer’s account, with an identical format, regarding cards in the customer’s possession that he has asked to be displayed in his account.  There will also be a secure link to the website of the party that issued the card, where details of the transactions he has made will be displayed.  Entry through the link will not require the customer to provide further identification.
  • Presentation of the information in the customer’s account will be subject to the customer’s request to the credit card company that issued the nonbank card (the issuer).
  • The issuer will send the customer’s request to the bank where he manages his account from which the card is charged.
  • The bank will act to display the information within 14 business days from the date the issuer submits the request on behalf of the customer.

 

The directive will come into effect when the relevant clause of the law comes into effect (January 31, 2019).