Israel banking systems can use cloud computing services under amendment

The Bank of Israel’s Banking Supervision Department announced an amendment to the Proper Conduct of Banking Business Directive that removes a barrier to using cloud computing services in Israel and abroad. The amendment affects all cloud computing services, applications and infrastructures. Supervisor of Banks Yair Avidan said the amendment is among efforts in Israel “to align banking in Israel with the changing competitive world and to advance the technology, for customers’ benefit, while maintaining the stability of the banking system.”