Regulatory Alerts2024-01-01
Palestine Monetary Authority Instructions No. 7 of 2024 Regarding the Launch of the Instant Payment System
The Palestine Monetary Authority issued Instructions No. 7 of 2024 to establish the regulatory framework and operational controls for the central Instant Payment System (IBURAQ). The regulations mandate member institutions to support four specific payment models (P2P, P2B, B2P, B2B) while adhering to strict single and daily transaction limits across multiple currencies. Furthermore, the instructions define mandatory liquidity management windows, require the immediate provision of individual credit transfer services via IBAN or wallet numbers, and impose compliance obligations regarding internal reconciliations and public awareness campaigns.
Palestine Monetary Authority
Instructions No. (7) of 2024
Regarding the Launch of the Instant Payment System
Based on the provisions of Law Decree No. (9) of 2010 regarding Banks, particularly the provisions of Articles (13, 72) thereof, and based on the provisions of Law Decree No. (41) of 2022 regarding National Payments, particularly the provisions of Articles (7, 18) thereof,
And in light of the powers delegated to us, and to achieve the public interest, we have issued the following Instructions:
Article (1)
Objective and Scope of Application
- The provisions of these Instructions aim to define the controls and parameters for the operation of the Central Instant Payment System (IBURAQ) during the launch phase.
- The provisions of these Instructions apply to all members of the Instant Payment System.
Article (2)
Payment and Transfer Models
The Member must commit to enabling the customer to execute transactions according to the following instant payment and transfer models:
| # | Payment Model | System Code |
|---|---|---|
| 1 | Payment from natural person to natural person | P2P |
| 2 | Payment from natural person to legal entity | P2B |
| 3 | Payment from legal entity to natural person | B2P |
| 4 | Payment from legal entity to legal entity | B2B |
Article (3)
Financial Caps
The Member must commit to the financial caps for the following movements for transactions executed by the natural person:
| # | Currency | Single Transaction Cap | Daily Cap for Total Transaction Value |
|---|---|---|---|
| 1 | Jordanian Dinar | 200 | 1,000 |
| 2 | US Dollar | 300 | 1,000 |
| 3 | Israeli Shekel | 1,000 | 4,000 |
| 4 | Euro | 200 | 1,000 |
Article (4)
Liquidity
- The Member must coordinate with the Palestine Monetary Authority to adopt liquidity controls in its account.
- The Member must commit to the following windows for managing liquidity in its account:
| Window Number | Time |
|---|---|
| 1 | 08:30 |
| 2 | 11:00 |
| 3 | 13:45 |
Article (5)
Launch of System Services
- The Member must, upon the launch of the system, commit to providing the instant financial transfer credit service in terms of sending and receiving via individual mechanisms, using the Account Number (IBAN) or Wallet Number.
Article (6)
General Provisions
- Instant transfers via branches and offices using the system are not considered a substitute for electronic channels.
- The Member bears the responsibility of conducting internal reconciliations using the electronic register provided for this purpose and sent by the system.
- The Member commits to executing promotional, advertising, and awareness campaigns for its clients and providing the Palestine Monetary Authority with the plans prepared for this purpose.
Article (7)
Penalties
Anyone who violates the provisions of these Instructions shall be punished in accordance with the prevailing legislation.
Article (8)
Repeal
Everything that conflicts with the provisions of these Instructions is repealed.
Article (9)
Implementation and Enforcement
All competent authorities must implement the provisions of these Instructions within their respective jurisdictions, and they shall apply from the date of their issuance.
Issued in Ramallah on 2024/07/22
Dr. Firas Malham Governor (Signature)
Note: Note: A document from the Palestine Monetary Authority, numbered and authenticated with the Governor's signature. Address: Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452, Palestine P.O. Box. Email: info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251 | Postal Code: P6160675 Website: www.pma.ps