Bank of Israel - Press Releases - Payment and settlement systems

Payment and settlement systems

Israel pays smart

16/08/2022 | The final milestone in the implementation of the EMV framework—to which all businesses were required to complete switching—as outlined by the Governor of the Bank of Israel , was completed in July 2022 with great success.

Declaration of the “EMV Ashrait Protocol” as a controlled payment system

09/08/2022 | The Governor of the Bank of Israel has declared the “EMV Ashrait Protocol” system, operated by the Association for Management of EMV Protocol Terminals in Israel, as a controlled system in accordance with the Payment Systems Law, 5768-2008.

Extension of the public consultation on the technological specification of a digital substitute for paper checks

29/06/2022 | On March 23, 2022, the Bank of Israel published a call for public consultation on the technological specification of a digital format for checks.

The Supervisor of Banks and the Director of the Payment Systems Department participated in the MASAV conference on interbank mobility

27/06/2022 | Supervisor of Banks Yair Avidan and Director of the Payment Systems Department Oded Salomy participated this morning in a conference on interbank mobility held by MASAV in Tel Aviv.

Digital shekel project – Technological experiment on a distributed platform

20/06/2022 | As part of the digital shekel project, the Bank of Israel is studying technological alternatives and the opportunities and risks inherent in various technologies for applying a digital shekel system.

Bank of Israel Opens Payments Market to Loyalty Programs

19/06/2022 | The Bank of Israel is acting to advance efficiency and competition in the area of payments, and encouraging new nonbank entities to gain access to designated payment systems.

The Bank of Israel publishes the main points of the public’s response to the consultation concerning a potential digital shekel

09/05/2022 | The Bank of Israel publishes the main points of the public’s response to the consultation concerning a potential digital shekel

Public consultation on the technological specification of a digital debit payment instruction, a digital substitute for paper checks

23/03/2022 | Public consultation on the technological specification of a digital debit payment instruction, a digital substitute for paper checks

The potential effects on the Israeli banking system of issuing a digital shekel

02/03/2022 | The Bank of Israel analyzed the potential impact of issuing a central bank digital currency on the stability of the banking system and its ability to continue fulfilling its financial intermediation function.

Conference on developments in the payments system in Israel

01/03/2022 | A virtual conference on developments in the payments landscape in Israel was held on Monday, February 28, 2022.

The Bank of Israel is continuing to advance instant payments in Israel, and has instructed participants to prepare for receiving payment requests (R2P) by the end of 2023

28/02/2022 | The Bank of Israel is continuing to advance instant payments in Israel, and has instructed participants to prepare for receiving payment requests (R2P) by the end of 2023

Oded Salomy, Director of the Bank of Israel’s Payment and Settlement Systems Department, spoke at the annual directors’ conference

23/02/2022 | Oded Salomy, Director of the Bank of Israel’s Payment and Settlement Systems Department, spoke at the annual directors’ conference

The Bank of Israel’s position with regard to developments in the area of payments and digital wallets: Update following the completion of work by the internal committee on mobile payments

11/01/2022 | The Bank of Israel’s position with regard to developments in the area of payments and digital wallets: Update following the completion of work by the internal committee on mobile payments

Bank of Israel issues a Review of developments in the country’s payment systems landscape over recent years

28/12/2021 | Dramatic growth in volumes of digital payments. In 2020, 51% of payment volumes were ACH wire transfers, comprised of direct credits (42%) and direct debits (9%). In addition, 31% of payment volumes were conducted via Zahav – Israel’s RTGS system

Bank of Israel representatives participated in the Banking Law Conference

17/11/2021 | The Banking Law Conference was held by the Israel Bar Association, and dealt with innovations, trends, and legislative initiatives in the banking field.

Oded Salomy and Yoav Soffer Spoke at an International Fintech Conference

19/09/2021 | Oded Salomy, Director of the Payment and Settlement Systems Department, and Yoav Soffer, Head of the Digital Shekel Project, Spoke at an International Fintech Conference

Israel is switching to smart payment and concludes an additional step in integrating advanced payments

09/03/2021 | • More than half the payment terminals in Israel support “smart payment ” • A quarter of the number of payment card transactions are carried out via “smart payment” • Approximately two-thirds of “smart payments” are contactless transactions.

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

The Bank of Israel’s Position Regarding Developments in the Area of Payments and Digital Wallets

14/02/2021 | The Bank of Israel’s Position Regarding Developments in the Area of Payments and Digital Wallets

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

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

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.

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.

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.

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

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

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

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.

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

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

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

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

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.

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

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

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.

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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