Regulatory Alerts2024-01-01
Instructions No. 9 of 2024 Regarding the National E-SADAD Bill Presentation and Payment System - Banks
The Palestine Monetary Authority issued Instructions No. 9 of 2024 to mandate and regulate membership, operational obligations, and fee structures for banks and payment service companies participating in the national E-SADAT bill presentation and payment system. The directives establish exclusive system usage for bill payments, define strict member infrastructure and cybersecurity requirements, and standardize commission rates, payment caps, and clearing timelines across all sectors. Furthermore, the instructions consolidate previous regulatory frameworks by repealing conflicting 2023 directives and granting the Authority explicit powers to suspend memberships, enforce real-time gross settlement via the BARQ system, and protect customer rights through enhanced electronic reconciliation and complaint resolution mechanisms.