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The Bank of Israel’s Payment and Settlement Systems Department, in its role as supervisor of payment systems, announces the completion of the accession process to the payment systems for three additional nonbank entities.  Obtaining access to the payment systems enables the new nonbank participants to streamline how they transfer payments and to offer new payment services and solutions.

 

As part of its long-term policy, the Bank of Israel’s Payment Systems Oversight Division has in recent years led a series of significant measures to encourage competition in Israel’s payments market, while maintaining the stability and efficiency of the payment systems.

 

In view of the measures that have been advanced, the three firms “GAMA Management and Clearing Ltd.”, “Max-IT Finance Ltd.”, and “RAPYD Israel Payments Ltd.” have recently completed their connections to the retail payment systems that are supervised by the Bank of Israel. 

 

The following are the systems to which the three companies have connected and the identifications codes allocated to them:

 

Company name

Payment system

Identification code[1]

GAMA Management and Clearing Ltd.

Debits, Credits and Transfers, including faster payments operated by MASAV

94

RAPYD Israel Payments Ltd.

Payment cards system operated by SHVA

75

Max-IT Finance Ltd.

Debits, Credits and Transfers, operated by MASAV[2]

06

 

 

 

Ofer Golan, Head of the Payment and Settlement Systems Department, said: “The addition of a variety of new participants to the payment systems is an important and significant step in advancing competition and in supporting innovation in the Israeli payments market.  This step is highly important in view of the potential of the new participants to develop and implement advanced and innovative payment solutions, which should increase competition in the financial market, streamline business processes, and improve financial services for consumers and merchants.  We welcome the fact that additional participants, including international firms, are realizing that the measures we have taken are a real opportunity to act and to invest in the Israeli market.”

 

[1] The list of identification codes is published on the Bank of Israel website at: https://www.boi.org.il/en/economic-roles/supervision-and-regulation/payment-systems-oversight/access-to-payment-systems/identification-codes/

 

[2] The company was connected to the payment cards system operated by SHVA, and chose to exercise the changes led by the Bank of Israel and to connect to an additional system.