Central Banking

Israel launches same-day clearing system

The Bank of Israel launched its real-time gross settlement system (RTGS) for bank transfers on 3 September. This is part of the central bank's reforms of Israel's payment and clearing systems.

Large money transfers could take only one day to clear under the new system, which is to be known as Zahav. The system enables the clearance of inter-bank payments and settlement of large payments between individuals and companies in real time throughout the day.

Transactions are denominated in shekels