The Israeli central bank published draft guidelines on the implementation of an open banking system in a bid to gather public opinion on the program, which will enable banks and financial institutions to share customer data to supervised third parties.

The Bank of Israel said accessing the data would be done in three stages: access to balances and transactions on current accounts, access to bank and nonbank payments and card transactions and access to additional customer information on credit and loans and deposits and savings.

Since the open banking system entails risks and challenges, the regulator urged financial companies and other banking authorities to monitor developments in implementing the system. The central bank also set up an open banking portal on its website.