Discount Bank announced the expansion of open banking services
Posted on Oct 19, 2020 by Ifi Reporter
Discount Bank announced today (Monday) the expansion of open banking services in order to enable private customers and small and medium-sized businesses to enjoy a wider range of tools for comparing the prices of banking products - and managing cash flow. Discount, which is managed by Uri Levin, will collaborate with the fintech company Rise Up and Amir Cash Flow, which have joined Discount Bank's open banking platform.
FinTech Rise Up helps clients manage their monthly cash flow. The service is based on algorithms that study the customer's activity in the current account and his use of credit cards, and create a predicted cash flow for each customer.
Rise up's business model is based on paying subscribers and so far it has raised tens of millions of dollars. At the beginning of the Corona crisis, its service was provided for free, but now the company has returned to charge NIS 45 for a monthly subscription. Fintech's customers are required to confirm access to the bank account using a name and password - which deters quite a few customers. The cooperation with Discount, which will be launched in the coming weeks, will allow the bank's customers to join the service without a username and password.
Amir Cash Flow specializes in the development and implementation of cash flow systems for small and medium-sized business customers, and presents banking information and information from leading accounting systems in its systems, and helps these businesses run smart.
The move, the first of its kind, is part of the Bank of Israel's goal to allow finteches, with the customer's consent, access to the bank's accounts. Tamara Harel Cohen, a founding partner in Rise up, hopes that the venture will expand to more fintechs. "Many entrepreneurs want to build a company with a social goal, but there is no example of something that has succeeded in Israel," she explains, "We want to help Israelis grow economically and allow families more opportunities and social mobility."
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