Regulatory Alerts2022-01-01
Instructions No. 1 of 2022 Regarding Membership in the National Switch 194 System
The Palestine Monetary Authority issued Instructions No. 1 of 2022 to regulate membership, operational obligations, and fee structures for the National Switch 194 payment system. The regulations mandate compulsory membership for all licensed banks and payment service providers, establishing specific technical, financial, and dispute resolution requirements. Additionally, the document defines fixed membership fees, transaction charges for cash withdrawals and balance inquiries, and merchant discount rates to ensure system stability and consumer protection.
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