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Notice Regarding Issuers with Wide Ranging Activity
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In accordance with Section 36m(d) of the Banking (Licensing) Law, 5741-1981 (herein, "the Law"), and Section 8(b) of the Banking (Licensing) Law, (Amendment No. 18), 5771-2011, the Supervisor of Banks today published on the Bank of Israel website the name of the companies which are "An Issuer with Wide Ranging Activity", as the term is defined in Section 36m(a) of the Law. The following are the names of the companies defined as "An Issuer with Wide Ranging Activity":
Isracard Ltd.
Cal (Cartisei Ashrai Le'Israel) – Israel Credit Cards Ltd.
Leumi Card Ltd.
According to Section 36m(b), a company that is defined as "An Issuer with Wide Ranging Activity" is required to allow other clearers to cross-clear the transactions conducted with cards the other clearer has issued. This process is intended to increase the competition in the area of clearing transactions conducted with credit cards. Thus, a clearer may offer clearing services to merchants for a wide range of brands, not just the brands issued by the clearer. According to the Law, the requirement for an issuer with wide ranging activity to include clearers with the credit cards it itself issued shall commence in May 2012.