Israel Vows To Loosen Banks’ Control Of Payment Systems

Israel’s top financial regulator has said legal and technical hurdles should be removed to allow non-bank providers access to the country’s bank-controlled payment systems.

In an announcement this week, the Bank of Israel (BOI) outlined new “terms of access” that would enable new market entrants to connect indirectly to central payment systems.

The BOI said it would distinguish between direct and indirect members of those systems, and insist that direct participants — such as large banks or financial institutions — provide “fair and non-discriminatory” access to indirect participants.

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