Regulatory Alerts2024-01-01
Circular No. 63 on Business Continuity Regarding the National E-SADAD Invoice Presentation and Payment System
The Palestine Monetary Authority issued Circular No. 63 (2024) to mandate that all banks operating in Palestine implement comprehensive business continuity measures for the national E-SADAD invoice system. The directive requires banks to fully prepare and periodically inspect a Disaster Recovery Site (DRS) to ensure uninterrupted service delivery during disruptions. This requirement aligns with prior 2022 and 2023 instructions, addressing the growing reliance on electronic banking channels by ensuring continuous operational capability through digital tools.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. ( 63 / 2024 )
To all banks operating in Palestine Date: Sunday, July 21, 2024
Subject: Business Continuity Regarding the National E-SADAD Invoice Presentation and Payment System
Following our instructions regarding business continuity requirements No. (5) of 2022, and instruction No. (9) of 2023 concerning the national invoice presentation and payment system, and in accordance with the Palestine Monetary Authority's efforts to develop the technological environment and strengthen payments via digital channels and tools in banks, and due to the growing use of electronic means for executing various banking operations, banks must commit to implementing all necessary measures to ensure uninterrupted service delivery at all times. Banks are required to fully prepare a Disaster Recovery Site (DRS) to enable service operation from that site when needed, subject to periodic inspections of the site.
Supervisory Group Palestine Monetary Authority