Bank of Israel: Opens payment network to international payments firms

Bank of Israel: Opens payment network to international payments firms

• Bank of Israel has issued a framework providing international payment service providers access to regulated payment systems
• Effective immediately, this framework enables such entities to provide services to the public
• The central bank expects this announcement to bolster innovation in the payments arena
• The framework formulated by the Bank establishes two tracks, as set forth below
• This framework will enable these entities to prepare the technological connection to regulated payments systems
• The framework enables such entities to proceed without waiting for final legislation of the Payment Services Regulation Law