This module will not be further enhanced. Support is limited to defect fixing only.

Introduction to Banks and Branches

This document briefly explains about the steps involved in validating the bank and branch code during creation of outward direct debit mandate and beneficiary ID and also the steps involved in uploading the banks and branches list as published by Bank of Israel in the system.

The structure of the external account number entered during outward DD mandate creation is validated as per the formula and rules given by the Masav clearing house.

It is the business practice in banks of Israel to validate the bank code, branch code and external bank account number, when the direct debit mandate is created.

The bank and branch code are validated with the banks and branches list published by BOI (Bank of Israel).

For loan disbursement from AA, the beneficiary details are attached to the settlement details of the account. The beneficiary details have to be updated with bank and branch code.

The bank and branch code entered by the user has to be validated with the banks and branch list published by BOI at the time of beneficiary ID creation.

Banks in Israel are required to have account numbers based on the bank and branch information published by the Bank of Israel. The functionality developed consists of the following:

• A table to hold the list of banks and branches is published by the Bank of Israel.
• The data in this table is used for the validation of account numbers in Israel.

Banks will now be able to upload the list of banks and branches in Israel. This list is published by Bank of Israel. This list is used for validating banks and branches during various transactions related to clearing.

An enquiry is built to query on the bank and branches details that are uploaded through the selection criteria.