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The Bank of Israel today (Monday) held a conference on “Payments in the New Age”, with the participation of senior representatives of the financial system, regulators, fintech firms, payment infrastructure operators, experts from academia, and international guests.  The conference focused on developments that are defining the world of payments in Israel and abroad, and their impact on innovation, competition, efficiency, and financial stability.  The conference included presentations on the trends that are defining the payments market in Israel and abroad.

 

The conference reflects the measures being taken to advance innovation in the national payment systems that is being promoted by the Bank of Israel, alongside the adoption of advanced international standards and close regulatory cooperation.

 

The conference was opened by Bank of Israel Governor Prof. Amir Yaron, who discussed the importance of modernization of the national payments infrastructure, advancing efficiency and deepening competition in the financial system, and how Israel is meeting the highest international standards in the payments field.  The Governor emphasized the central role of advanced payment systems in strengthening the economy’s resilience and in supporting long-term growth.

 

Later in the conference, Mr. Ofer Golan, Head of the Bank of Israel’s Payment and Settlement Systems Department, presented the Department’s overall strategic plan for the next five years to define the future of payments in Israel.  Golan presented the principles of policy, modernization measures, and regulatory and technological steps intended to enable an advanced, open, secure, and efficient payment infrastructure that will support the continued development of a competitive and innovative market in Israel.

 

During the conference, there were several professional panels and international guest lectures, featuring senior officials from the Bank of Israel, the banking system, and leading payment firms.  The main subjects that were raised included:

 

  • Cooperation between regulators and increased competition in the payments market.
  • Implementation of the ISO 20022 standard in the ZAHAV system ­– a significant milestone in the modernization of the national payments infrastructure.
  • A2A payments – global trends and opportunities for innovation.
  • Cross-border payments – an international review led by the BIS and Project Agora.
  • The use of cash in the era of digital economy – insights and regulatory perspective.
  • Fintech innovation and consumer protection – Advancing competition, efficiency, and improved user experience.

 

The conference provided a broad platform for dialogue between all the participants in the payments ecosystem—government authorities, regulators, banks, technology firms, and international entities—and strengthened the cooperation required to lead the Israeli market forward.

 

The Bank of Israel will continue advancing innovative, secure, efficient, and accessible payment infrastructures, which will contribute to growth, increased competition, and strengthening the stability of the economy.