It used to be that to see all your money in one place you had to copy numbers into a spreadsheet or hand someone your bank password. Open banking changes that: instead of passing a password, you instruct your bank to share specific information with an authorised provider, with your consent, and you can withdraw it.
What it is, and how you connect
Israel has a Financial Information Service Law, which regulates who may receive customers' financial data, under the supervision of the Israel Securities Authority. In practice, connecting looks roughly like this:
- 1
Choose what to connect
A bank account, a credit card, or another product. You can connect only some.
- 2
Go to your bank or financial institution
Authentication happens at the bank itself, with your usual identification method, not with the information service.
- 3
Approve the consent
The bank shows what information will be shared, with whom and for how long. Data only starts to flow after you approve.
- 4
See the picture
The data is refreshed and displayed in the app, read-only.
What an information service can and can't see
What Shavve can see
- Only what you chose to connect and approved.
- Information such as transactions, balances, cards, loans, and pension and savings products, depending on the connection type.
- Information from connected sources only, with no estimates.
- Data used to show you a picture, compute a total and spot patterns.
What Shavve cannot do
- Transfer, withdraw or pay money from your accounts.
- Change standing orders, or open and close accounts.
- See accounts you haven't connected.
- Know your bank password, because authentication happens with the bank.
Consent: what to check along the way
How to revoke
- 1
In the service provider's app
In the connection settings you can disconnect a source, or delete your account and data. The exact action depends on the app.
- 2
At your bank
There is usually an area on the bank's site or app that lists active consents and lets you cancel each one.
- 3
Check it worked
After revoking, confirm the connection no longer shows as active and that data is no longer refreshing.
Check before you connect an information service
0 of 6 checked
Your ticks are saved on this device only.
Frequently asked questions
No. A financial information service is read-only. Shavve doesn't move money and can't perform actions on your accounts.
Authentication happens with your bank, using your identification method, rather than by handing a password to the app.
You can. You choose what to connect, and Shavve shows only what you connected.
Yes. You can disconnect a source in the app, and also revoke the consent at the bank itself.
Check with the supervising authority, and don't rely on the provider's own claim. If you can't verify it, don't connect.
