Israel launches same-day clearing system

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 and are immediate and final, with no possibility of later cancellation. Each transaction will be settled individually and there is no minimum or maximum amount.

Speaking to the Jerusalem Post, Ronit Chitayate, head of payments and clearance at the central bank, said "The implementation of the system brings Israel's payment system in line with international standards and as such eases doing business in Israel, in particular for foreign investors."