Similar to commercial banks in Israel, the Banking and Financial Services Unit represents the Bank of Israel and its customers as a participant in the payment and clearing systems in Israel. Following are the various types of the clearing houses:
The “MASAV” Clearing House - an entity in which the non-paper or cash interbank transactions are settled. Non-bank institutions and/or organizations also transfer authorized credit and debit instructions by directly to “MASAV”.
The Cheques Clearing House - most of the receivables (Cheques and credits and various debits and charges) presented by the banks in the Paper-Based Clearing House are Cheques, which are presented today only by electronic means. In addition, magnetized collection vouchers and non-magnetized receivables (manual receivables) are presented.
The “ZAHAV” Clearing House (Real-Time Gross Settlement - RTGS) – The “ZAHAV” Clearing House is a payment system that allows immediate and final transfer of funds between customers of banks and customers at other banks. In addition, in this system, the final clearing of all existing interbank payment systems is carried out, i.e.: the TASE Clearing House, “MASAV” and the Cheques Clearing House.
As part of the representation of the Bank of Israel, the Banking and Financial Services Unit is responsible for clearing payments on behalf of the customers of the Bank and for the activities of the Bank, it is backing up the customers of the Bank and the divisions of the Bank in the case of a state of emergency and it is the participating in the various interbank committees.