Family business: got a license to start the revolution - voila! Of money

2022-09-28T08:59:20.298Z

Meet the Israeli fintech company FamilyBiz, which is committed to putting the power back in the hands of consumers and implementing the open banking reform

Family business: got a license to start the revolution

Meet the Israeli fintech company FamilyBiz, which announced this morning that it has received a license from the Israel Securities Regulatory Authority. The company undertakes to return power to consumers and implement the open banking reform.

Walla!

Of money

09/28/2022

Wednesday, September 28, 2022, 11:05 a.m. Updated: 11:52 a.m.

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Oren Goldstein, CEO of the Israeli fintech company FamilyBiz, receives the regulatory approval from the Securities Authority (Photo: PR)

The Israeli fintech company FamilyBiz announced this morning that it received a license for open banking (financial information service provider) from the Securities Authority, this is the first time such a license has been granted in Israel.

Oren Goldstein, founder and CEO of FamilyBiz, said: "This is an important and significant step that will put the power back in our hands, the consumers."

FamilyBiz was established to make the financial world simpler and more convenient, and to help people make the right financial decisions, grow financially, fulfill their dreams - and most importantly, reduce the confusion and anxiety that money can bring to our lives.

The application is the only one that allows you to manage the entire financial world in one place in a simple and secure way, 360° financial management.

From banks, credit, flow, insurances, pensions, investments, loans, savings, mortgages, properties and more.

"When we thought about what kind of "super power" we wanted to give our clients, we said - how amazing it would be if everyone had a close, professional and objective financial advisor like the richest people have. Today we have reached a significant milestone that will help us realize our vision," says Goldstein.

FamilyBiz (screenshot from the application) was established to make the financial world simpler and more convenient (photo: PR)

Open banking - what's all the fuss about?

In recent years, a broad regulation governing the field of open banking has developed in the world.

Open banking allows customers of banks and credit card companies to share their financial information with third parties such as FamilyBiz.

New players, not necessarily banks, will be able to access a customer's bank account, with his consent, and offer him banking services adapted to his needs.

The reform defines that only supervised and licensed companies will be able to engage in the field and pull information from supervised financial entities for a client and thus generate trust in those companies because they are reliable, secure and meet strict standards as defined by the Securities Authority.

The Bank of Israel worked to implement open banking in Israel recognizing its importance to all customers and financial players, and therefore formulated a uniform standard for open banking in Israel that came into effect on 14.6.22.

The standard also regulates the protection of the customer's information and the risk management of the banking corporations.

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And this is for the certificate: the unique license that FamilyBiz won (Photo: PR)

The additional innovations following open banking

Open banking will allow FamilyBiz to give consumers more power by allowing them to implement financial recommendations directly from the app.

For example, if the application detects that one current account is in the red and the customer is paying interest on the frame and the other is in the plus, it will alert you and allow you to balance the accounts with the click of a button, thus saving hundreds and more shekels a year. Additional capabilities will be in comparing products such as savings products, PCM, and the option to open Savings under the best conditions for the customer at the click of a button.

"In the next stages of open banking, we will be able to give consumers more super powers to make better financial decisions and grow financially. From our side, we continue to develop the only application for 360° financial conduct. There is something to wait for," Goldstein points out.