Payment and settlement systems

The Bank of Israel encourages participation in a global hackathon on the issue of cross-border payments
02/03/2021 | The Bank of Israel encourages participation in a global hackathon on the issue of cross-border payments
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The Bank of Israel leaves the ceiling for making contactless payments at NIS 300
31/12/2020 | The Bank of Israel leaves the ceiling for making contactless payments at NIS 300
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Review of the Promotion of an Immediate Payment Infrastructure in Israel’s Payment System
04/08/2020 | The Bank of Israel is publishing a paper today on the promotion of an immediate payments infrastructure in Israel
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Toward the transition to payments using the EMV advanced payment standard: Raising public awareness of the ability to independently choose a personal PIN code for payment cards
20/07/2020 | The Bank of Israel is working to advance the use of advanced means of payment, similar to many other countries.
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The payment system activity and Bank of Israel measures to enhance the stability and efficiency of the payments system
01/07/2020 | The report presents the objectives and approaches of supervision of the payment systems, the main steps taken, and those planned for the future.
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Another step in advancing competition in the payments field – Opening access to the payments systems to new participants
03/06/2020 | The Bank of Israel is working to advance competition in the payments field, and encourages the provision of access to the payments systems for new nonbank entities.
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Allocation of new identification codes to financial entities—credit card companies.
13/05/2020 | Participants in the financial system in Israel are identified by an identification code that is unique to each entity (currently known as a “bank code”), which is comprised of two characters
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Advancing contactless transactions at merchants that have converted to EMV: The Bank of Israel raises the contactless transaction ceiling to NIS 300
11/05/2020 | Advancing contactless transactions at merchants that have converted to EMV: The Bank of Israel raises the contactless transaction ceiling to NIS 300
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Another step in opening access to the payments systems for nonbank entities, and increasing competition in the financial system: The policy and process of allocating identification codes to payment service providers has been completed.
07/05/2020 | 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
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The Bank of Israel increases the amount limitation for the deposit of a single check via mobile device from NIS 20,000 to NIS 50,000
26/03/2020 | In order to help the public carry out remote banking activities in these times, the Bank of Israel has decided to increase the deposit amount for an individual check via the mobile device banking application to NIS 50,000, effective immediately.
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Ms. Irit Mendelson announces that she will step down from her position
01/12/2019 | Ms. Irit Mendelson, Director of the Accounting, Payment and Settlement Systems Department, announces that she will step down from her position following eight years
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Allocation of identification codes for all payments service providers in the various payment systems
07/08/2019 | Another step to increase competition in the financial system: Allocation of identification codes for all payments service providers in the various payment systems
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Special study day for the public on the Reducing the Use of Cash Law, as bank limitations on checks will come into force on July 1, 2019
13/06/2019 | The Bank of Israel and the Israel Tax Authority held a special study day for the public on the Reducing the Use of Cash Law, as bank limitations on checks will come into force on July 1, 2019
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Study day regarding the Restricting the Use of Cash Law
06/06/2019 | The Bank of Israel and the Israel Tax Authority invite the public to a study day regarding the Restricting the Use of Cash Law
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The Bank of Israel publishes its financial statements for 2018
24/03/2019 | The Bank recorded a profit of approximately NIS 5.3 billion in 2018, compared with a loss of NIS 0.8 billion in 2017.
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Presentation of the new check format that will enter circulation during the year
17/01/2019 | Remarks by the Director of the Accounting, Payment and Settlement Systems Department at the Chambers of Commerce conference: Presentation of the new check format that will enter circulation during the year
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The Bank of Israel’s activity in the area of advanced means of payment against the background of the Reducing the Use of Cash Law
23/12/2018 | The Bank of Israel’s activity in the area of advanced means of payment against the background of the Reducing the Use of Cash Law
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The Bank of Israel publishes the main developments in the payment and settlement system for 2016–17
22/04/2018 | The means of payment and payment system area is well into a business, regulatory and technological revolution, which will make them more advanced, more digital, user-friendly and accessible to both the general public and nonbank entities.
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Implementation of the Electronic Check Clearing Law has been completed – another step toward the world of advanced means of payment
27/11/2017 | Implementation of the Electronic Check Clearing Law makes it possible to provide banking services that are less expensive, innovative, more convenience and quicker for customers.
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Public Consultation on the Establishment of an Infrastructure for Immediate Payment in Israel
15/11/2017 | The public consultation is the first stage in a process of setting up an advanced, efficient and reliable infrastructure in the payment system in Israel
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Businesses can now choose the most appropriate merchant acquiring service for their needs and pay only for that service
09/08/2017 | This measure was completed just prior to the transition to the EMV standard.
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Publication of Final Report of the Joint Committee for Promoting Use of Advanced Means of Payment in Israel
04/06/2017 | Publication of Final Report of the Joint Committee for Promoting Use of Advanced Means of Payment in Israel
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The Bank of Israel publishes its financial statements for 2016
22/05/2017 | The Bank of Israel’s balance sheet totaled about NIS 394 billion at the end of 2016, an increase of about NIS 25 billion (7 percent) compared with 2015.
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The Bank of Israel continues with measures to open the payment card market to competition
09/05/2017 | This notice is an update to the public regarding the results of the operative measures taken thus far in implementing the protocol principles.
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The Payment and Settlement Systems Division publishes its Main Developments for 2015 and 2016
23/01/2017 | In recent years there has been marked development of Israel’s payment system, primarily because innovative technologies make it possible to reduce transaction costs
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Beginning today, checks can be cleared electronically between banks through the mobile application
08/11/2016 | The Electronic Check Clearing Law, which was passed by the Knesset in February 2016, enables the transition from physical check clearing to electronic clearing.
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The Committee for Promoting Use of Advanced Means of Payment publishes the Principles for payment services regulation
06/10/2016 | Payment services regulation will enable nonbank entities to manage accounts for their customers and to provide them with payment services, including issuing means of payment, acquiring payment transactions and transferring funds.
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The Bank of Israel opens controlled payment systems to new players and publishes the terms of access to the systems
31/07/2016 | Currently, payment systems in Israel only allow direct participation, and setting the terms of access is a significant step to adding indirect participants.
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The Bank of Israel takes additional steps to remove barriers to the payment card market
18/07/2016 | The Bank of Israel publishes the principles for the development and use of the protocol for conducting a payment card transaction
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Publication of the Electronic Check Clearing Law, 5776–2016
02/02/2016 | The law will enable a transition from physical clearing of checks to electronic clearance.
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The Joint Committee for Promoting Advanced Electronic Means of Payment publishes its interim report
29/11/2015 | The report includes recommendations for increased competition, efficiency and stability in the advanced means of payment market and in the payment and settlement systems infrastructure.
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The Bank of Israel is publishing an interim report on the “credit card transaction chain”
03/08/2015 | The Bank of Israel continues to implement recommendations in the payment card market. These implementation of these recommendations is expected to allow the entry of new participants and thus to increase competition in the market
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The Bank of Israel has established a joint team to promote advanced electronic means of payment
07/12/2014 | In accordance with the Locker Committee’s recommendations for reducing the use of cash, which were approved by the government in October 2014, a joint team was established which is tasked with promoting advanced electronic means of payment.
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Declaration of Controlled Payment Systems
18/07/2013 | The Bank of Israel has declared the following payment systems to be controlled systems pursuant to the Payment Systems Law
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Issuing settlement licenses to entities settling debit card transactions
08/05/2013 | Issuing settlement licenses to entities dealing with the settlement of debit card transactions.
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The Bank of Israel today published the "Red Book" for 2010, which reports on developments in the payment and settlement systems
31/05/2011 | The Bank of Israel today published the "Red Book" for 2010, which reports on developments in the payment and settlement systems
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Transfer of the activity relating to compulsory and external loans (State of Israel Bonds) from Tel Aviv to Jerusalem
19/08/2010 | Transfer of the activity relating to compulsory and external loans (State of Israel Bonds) from Tel Aviv to Jerusalem
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The Bank of Israel acts to increase the use of the Zahav (RTGS) system
30/06/2010 | The Bank of Israel acts to increase the use of the Zahav (RTGS) system
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The Shekel completes one year in the CLS system
26/05/2009 | The Shekel completes one year in the CLS system
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Montran Corporation is the successful bidder in the tender for the establishment of a Real Time Gross Settlement (RTGS) System in Israel. Team Computers and Systems Ltd. is the Israeli subcontractor. The new system is expected to start operating in the f
29/11/2005 | Montran Corporation is the successful bidder in the tender for the establishment of a Real Time Gross Settlement (RTGS) System in Israel. Team Computers and Systems Ltd. is the Israeli subcontractor. The new system is expected to start operating in the f
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