Terms of access and requirements for connecting to the payment systems

The terms of access to the controlled payment systems are set by the Payment Systems Oversight Unit, and are the minimum requirements for participating in the payment systems.  The terms of access take into account the entity’s type of operation and type of participation in the payment system.

In accordance with the PFMI principles, the terms of access must be objective and transparent, and they must enable fair and open access to the payment systems while maintaining the system’s stability and minimizing exposure to risks to the system and its participants.  In view of this, in July 2016, the Bank of Israel’s Payment and Settlement Systems Oversight Unit published the terms of access to the controlled payment systems.  In this context, it should be noted that the Bank of Israel recently approved access for credit and deposit unions and financial asset service providers that are supervised by the Capital Market, Insurance and Savings Authority, on condition that those entities meet additional requirements beyond the terms of the license.

The requirements for connection to the controlled payment systems are set by the system operator, and include the technological, operational, and business requirements for participation in the system.  These requirements are an integral part of the various systems’ rules.