Ms. Noa Sheshinski-Lavi appointed Head of the new Payment Systems Oversight Division in the Payment and Settlement Systems Department
Ms. Sheshinski-Lavi began working at the Bank of Israel 19 years ago, and has served in a range of positions in the payment systems field. These include taking part in establishing the Zahav (RTGS) system in Israel, and setting up and leading the payment system policy area while promoting its compliance with international standards. In her various roles, Noa accumulated vast experience in the payment systems areas, including regulation and oversight of payment spheres. In 2013, Noa was appointed Head of the Payment Systems Oversight Unit, which is responsible for the efficiency and stability of the payment systems. As part of that function, she led the establishment of the payment system oversight infrastructure, the adoption of international standards, and the promotion of steps to open the market to nonbank entities. Noa led a long series of initiatives and reforms, some of which impact on us directly as consumers and place the payment systems in the background. Noa has a Bachelors degree in Law, a Masters degree in Law, and an MBA that she earned magna cum laude from the Hebrew University in Jerusalem.
The Payment and Settlement Systems Department in the Bank of Israel has a material role in designing the payment system in the financial market in Israel and in integrating the rapid changes in the payments sector. The goal of the Payment Systems Oversight Division in the department is to ensure the efficiency and stability of the financial market infrastructures operating in the Israeli market while balancing the maintaining of the stability of the infrastructures and ensuring their proper activity with the need to promote innovation based on new technologies and promoting advanced means of payment that could provide value to the public in Israel. Within the framework of its functioning, the Oversight Division will determine the policy and standards for payment systems’ activities, will provide a response to existing market barriers related to the payment sector; will examine market needs while guiding the systems and participants to provide a response to those needs; evaluate and examine the payment systems to ensure that they comply with the policy that was established.
Payment and Settlement Systems Department Director Mr. Oded Salomy said, “In establishing the new division, the Bank of Israel continues to align itself to the changing environment and to the big changes that the payment system is undergoing. We are learning from examples worldwide, in which the payment sphere serves as an entryway for new business entities to financial services, and based on that, they develop and offer additional value proposals. Under the leadership of Noa Sheshinski-Lavi, the Payment Systems Oversight Division will lead strategic processes in the market, which will develop Israel’s payment system, will make it more efficient, advanced, and an international leader and will allow additional financial value offers. There are many challenges facing the Oversight Division, in view of the developments in Israel and abroad in the payments sphere—the entry of new participants, technologies and means of payment, from which the public in Israel will benefit in the coming years. Noa’s extensive knowledge in the payment sector and considerable familiarity with a range of activity areas worldwide in the payments areas will add considerable value to Noa’s work in this important function.”