Annual Report of the Activities of the Clearing House Committee, 2016

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Bank of Israel - General


The year 2016 will be remembered as the year in which a reform of the Paper-based Clearing House was initiated, designed to transform the Paper-based Clearing House into an innovative, electronic, rapid, and more efficient clearing house. The reform spanned activities from the legislation of the Electronic Check Clearing Law 5776-2016 to the implementation of the interim phase of the Law and its application to interbank cellular settlement of Checks in Israel. The Law’s implementation supports the check clearing process in Israel and brings it up to the most advanced standard in the world, through significant technological and business-related changes that entail revisions to check clearing procedures and to the procedures for check retention and retrieval.
This year we had the opportunity to play a role in implementing the first stage of assimilation of the new electronic clearing system, which was facilitated by the collaboration, professionalism, and extensive investment of efforts by all clearing house participants, especially members of the Banks’ Clearing House Committee — representatives of the Bank of Israel, the banking system, and the Postal Bank.
Throughout the year, we also worked intensely to eliminate the manual clearing session and shift all manually cleared transactions to electronic clearing. The first and significant stage of this project was also implemented, in which settlement of corporate securities issuances moved from a manual to an electronic process through the Zahav system.
We face significant challenges this year, especially meeting the timetable for implementing the Electronic Clearing Law, in addition to the diverse topics that the Banks’ Clearing House handles routinely. I am confident that we can meet these challenges and continue to promote the important changes that we are making together.

With thanks and appreciation,
Ronit Chitayate
Banks' Clearing House Committee Chairperson