Further to the Bank of Israel’s announcement from August 7,
2019
regarding the allocation of an identification code to all payment service
providers in the payments system, in recent months, the payments system has
completed the process of vacating identification codes (bank codes) that are no
longer in use to serve payment service providers and their customers in the
payments systems.
During this period, the Bank of
Israel has defined the policy and conditions for allocating the identification
codes, as follows:
- An entity dealing with the
provision of payment services, which holds a license or a license exemption,
which enables the provision of payment services.
- The code is required for
participation in a controlled payments system or a payments system with a
direct interface to a controlled payments system that requires the use of an
identification code.
The process of allocating an
identification code includes, among other things:
- Contacting the system
operator with a request to participate in the payments system.
- Contacting the Payment
Systems Oversight Unit at the Bank of Israel with a request to allocate an
identification code.
The process of allocating an
identification code enables entities to obtain a code at a relatively early
stage through a process that will ensure that there is as high a likelihood as
possible that the entity will be connected to the payments system and will
provide payment services to its customers.
The Bank of Israel calls upon entities
that are interested in operating in the payments systems to first examine
whether they meet the conditions for allocating an identification code, and act
in accordance with the code allocation process.
For further details regarding the
code allocation process, please visit:
https://www.boi.org.il/en/PaymentSystem/Pages/PSPcode.aspx