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Bank of Israel opens payment protocol to smaller players

Central bank removes obstacle to new firms looking to enter payments market

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The Bank of Israel. Photo: David Vaaknin
David Vaaknin

The Bank of Israel has opened up the country's payments protocol to the public, removing what it considers to be a major obstacle to new payments firms.

The protocol sets out the technical details of accessing the payment system – "the business and technical logic", as the central bank puts it. It was previously controlled by Shva, a firm providing automated banking services and sitting at the heart of the Israeli payment system.

The policy governing the protocol is now set by the Payment Card

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