Supervisor of Banks: 40,000 people went through a bank in 10 months

Yair Avidan Supervisor of Banks (Photo by Rami Zerniger, vecteezy)

It seems that the reform of the transition between banks in a click is a considerable success. The Supervisor of Banks, Yair Avidan, said today that since the reform was launched and the system operated by Masab went live, 60,000 applications for account transfer have been registered and in practice 40,000 people have moved between the banks, which is a lot.

This was stated today at a conference of Masab (Bank Clearing Center) under the title: “Transitional reform between banks – a vision for reality.”

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The Supervisor of Banks, Yair Avidan, said that “the transition between banks is a pro-consumer move formulated from the concept that the customer is at the center and is a revolutionary line for the general public. Since the system went live, about 60,000 customers have used the system This means that tens of thousands of customers have expressed confidence in the system and hundreds of thousands of transactions have already been registered in it.

“The challenge facing the banking system and MSB was to produce a holistic solution for transferring customers’ financial activities under the existing operational, contractual and technological constraints, all in seven business days and while maintaining customer rights.

“The uniqueness of this project is reflected not only in the way it has addressed these challenges, among other things by integrating a unique service, such as the” Follow Me “service, in order to enable the customer’s ongoing operations, but also in its importance to competition in the Israeli banking system. In the number of partners and the amount of resources invested in it. “

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Oded Salomi, Director of the Payment and Clearing Systems Department at the Bank of Israel, said that in 2021, checks totaling NIS 815 billion were transferred to Israel. Of this amount, about NIS 25 billion are the total checks that were not approved due to a technical problem and an additional NIS 5 billion were not transferred due to the lack of coverage in the bank account.

We have led a groundbreaking process at a global level, “said Salomi, adding that” a customer who transfers an account from bank to bank with a click can use the checkbook issued by the old bank. With click mobility, checks will be displayed directly to the new bank account, easily and efficiently. This move joins a variety of other moves that we are promoting in the field of checks and adapting them to the digital age: depositing a check on a cellphone, turning the check into a digital means of payment, and more. ”

Masab CEO Odelia Moshe Ostrovsky said the company is adding cutting-edge technological elements to the national payment system for money transfers. These are new capabilities that are in an advanced stage of development and implementation that will be added to the Faster Payment system and will facilitate the activity of the entire financial system in Israel in transferring funds quickly and safely between people, and between institutions, bodies and companies, and between them and people.

“We are developing an innovative platform that will enable functional wealth so that all financial service providers can provide high standards and advanced services to their customers. The new services that will be added to the system are already in accelerated development and are expected to enter into a pilot of implementation during the year 2023. ”

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