The EMV Protocol serves as the gateway to the payment card area in Israel for a range of bank and nonbank market participants—including manufacturers, aggregators, gateway companies, switches, and processors.
The protocol is a central payment system in the economy and it establishes the business logic and the technical specifications for executing a transaction via payment cards, which is required to represent the needs of all the payment card market participants. The protocol includes a collection of rules defining the manner of requesting and receiving data and carrying out payment instructions between the participants.
A payment cards market that is efficient, innovative, and advanced, which is in line with international standards and the market’s needs, depends on the development and increasing sophistication of the protocol, as the oversight of the protocol is an interest of all stakeholders in the payment card market.
The declaration will make it possible to oversee the system in order to confirm its stability, efficiency, and orderly functioning.
Payment and Settlement Systems Department Director Mr. Oded Salomy said, “The payments market in Israel in general, and the payment card market in particular, is reducing the gaps vis-à-vis the rest of the world at an accelerated pace. The declaration regarding the EMV protocol will make it possible to continue advancing the payment cards market and to ensure the continued orderly functioning of the payment cards market, compliance with international standards, and the needs of the market, while easing the ability of additional participants to integrate into this market.”