Israeli Banks May Be Allowed to New Open Accounts Over the Internet

Bank of Israel drafts new rules, but technologists call solution out of date

Israelis will be able to open and close bank accounts over the Internet starting January 2015, according to a senior executive in the technology division of one of the country’s major banks. The Bank of Israel’s supervisor of banks has prepared a draft of the new regulations to allow using the Internet in such cases, and the executive expects implementation to start next year.