The world of savings ePension, In which public assets are managed on a huge scale of many hundreds of billions of shekels, will be digitized in the coming years so that it will be immediate and online. This is Dr.’s digital vision Moshe Barkat, Commissioner of the Capital Market, Insurance and Savings Authority, who published a consultation paper on the market on “Pensions 2025”, and which is intended to mark the way for players in the pension world that is the main social safety cushion of workers in Israel, beyond social security benefits and budget pensions.
In order to reach the goal, the authority must promote and improve the infrastructure for the transfer of information and money in the industry, which today cannot yet provide what the authority wants it to be. If and as the move happens it will facilitate the operational aspects of the pension worlds, which the Authority hopes will improve the market situation and reduce the potential for non-exercise of pension saver rights.
In the market today there is a problem with the transition to a fully digital world mainly due to a problem with the quality of information today, which includes errors in a negligible amount, and in the protocol of information transfer processes in pension savings. Therefore, in order to reach the goal, the Authority intends for the pension clearing house to expand its services and the information that passes through it, subject to several milestones, in which the transfer of information immediately. The dice form (the same file that splits the funds received by the pension manufacturer) is mechanized. 2023. According to the Authority’s plan, at the same time it will also be possible to go beyond an immediate response to initiate a request for the transfer of pension savings from one body to another and to respond to a request for immediate information and a request to join.
Thus, the Commissioner wants the interface between customers, employers, distributors and management companies to be completely digital in a few years, while shortening schedules for carrying out operations. These include immediate digital joining of pension savings, digital transition between entities and investment tracks, digital updating of insurance tracks and appointment of online beneficiaries. At the same time, the authority marks the need to improve and digitalize and immediately the interface that connects the managing bodies and the employers to the needs of the money splitting that comes from the employers for the employees, the various policies and funds that the same employee has.
In this context, the Capital Market Authority has published three circular drafts concerning a uniform structure for the transfer of information and data in the pension savings market, the manner of depositing payments to provident funds and the obligation to use a central pension clearing system. In fact, the Authority itself is aware that the situation is not sufficiently advanced today, noting that “in the last ten years, the Authority’s directives on how to transfer information in a uniform structure between various factors in the pension savings market have been based on information transfer using XML files using safes.” They therefore call for proposals on how to assimilate new technologies in the processes of information transfer and money clearing in the pension savings market.
The Authority is examining the integration of new technologies
In this context, the Authority notes that “Against the background of the technological changes taking place in financial systems in Israel and around the world, the Authority is examining the integration of new technologies in the market, which will improve the information and money transfer processes between the various factors operating in the market.” The Authority is examining how to integrate API technology (an interface that allows external parties to connect to the system and receive data on customers who are interested in it, RSH) as part of the definition of the “uniform protocol”.
The pension clearinghouse was promoted at the initiative and under the supervision of the Capital Market Authority, even when it was a division of the Ministry of Finance, as early as 2013, in order to allow savers or licensees acting on its behalf (insurance agent or consultant) to receive information from all institutional bodies. Which are explained by the Authority.
The clearing house also depends on the quality of the data received from the various pension bodies and there is often a problem with the quality of the data, as stated by the Authority in the consultation paper that “the Authority intends to tighten monitoring and control of the quality of information transmitted in the clearing house.”
The Authority therefore clarifies that it is not sufficiently satisfied with the current situation of the clearing house, and “invites the public to submit proposals for improving the quality of information currently transmitted in the clearing house, improving the accessibility of information in the clearing house, and proposals to update the uniform protocol.”
But not only that: the Capital Market Authority identifies additional problems in the current pension world, which will be solved in an online, immediate and reliable world. This includes the fact that “the Authority recognizes that a significant proportion of the funds transferred to transitional accounts in the institutional bodies originate from deficiencies found in the process of joining one of the parties involved in the process – the employer, the institutional body, the licensee or the employee himself.” “Manual features that characterize the stage of joining a pension product, delays are created in the processes of receiving funds and there is a fear of violating the employee’s pension rights,” the authority states. In this context, she clarifies that she would be happy with proposals from the market “to improve the process of joining the pension savings products.”
The Authority further states that it is examining with the Bank of Israel and Masab (which conducts the clearing in the banking system) a move to access information on money deposits in the banking system, which are meticulous to the institutional entities. In this context, the Capital Market Authority states that ” Regarding the identity of the depositor, the Capital Market, Insurance and Savings Authority is examining a solution in cooperation with the Bank of Israel and Masab. As part of the aforesaid query, an institutional body shall specify the details of the deposit transferred to it, including: the amount of the deposit and the value date. Against the aforesaid information, Masab will forward to the institutional body the full deposit details, including the identification details of the depositing party, as received from the bank transferring the credit. “
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