The Banking Supervision Department publishes a directive on improving the presentation of information to customers of advanced payment services
The directive requires the banking corporations to expand the information presented to customers on activities carried out via payment applications, whether the activities were carried out in applications managed by the banking corporations or if they were carried out via other payment applications, and it is expected to go into effect on January 1, 2023.
In line with the directive, the banking corporations will expand the disclosure provided to customers about the payments made by the customer or transfers carried out on their behalf via the payment applications, so that the following information shall be presented to the customer:
1.The name of the payment application through which the payment activity was carried out.
2.The name of the payer or the beneficiary with whom the customer carried out the payment transaction.
3.The date the transaction was carried out and its amount.
4.The goal of carrying out the payment activity, to the extent the customer detailed it with the activity, shall be presented on the current accounts of the customers.
Supervisor of Banks Yair Avidan said, “The new directive expands and improves the disclosure presented to customers about payments conducted via payment applications, enhances the transparency and availability of the information for customers, and strengthens their ability to control the activities carried out in their accounts.”