Businesses will be able to open an online bank account – General

Trivial right? So it turns out not to. The Supervisor of Banks at the Bank of Israel has decided to allow businesses to open a bank account online. In a new directive updated by the Bank, the Supervisor allows corporations, including companies, to open a bank account without having to visit the branch.

According to the bank, the new update will allow remote identification and verification of the authorized signatories for the purpose of managing the corporation’s account, as well as online receipt of the documents required from the corporation when opening an account.

The bank explains that updating the directive is an “important step” in creating the infrastructure that will allow the banking system to offer corporations as well, and not just individuals for additional banking services, without the need to visit the branch.

The Supervisor of Banks, Mr. Yair Avidan: “The step we announced today is another part of the overall trend of removing barriers used by the regulator, in order to enable the expansion of digital banking activities for corporations as well, thus supporting improving the convenience and discounting of banking services for this customer group.”