Regulatory Alerts2024-01-01
Palestine Monetary Authority Instructions No. (1) of 2024 Regarding the Instant Payment System
The Palestine Monetary Authority issued Instructions No. (1) of 2024 to regulate the iBURAQ instant payment system, mandating licensed banks to join as direct members and payment service companies as indirect members. The regulations establish comprehensive operational rules, including liquidity management protocols, transaction limits, and strict requirements for system availability and data security. Furthermore, the document defines specific services such as instant credit transfers, account verification, and dispute resolution mechanisms to ensure the integrity and efficiency of the national payment infrastructure.
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