Advanced payment services

Supervisor of Banks: Proper Conduct of a Banking Business [2] (12/22) Advanced payment services Page 427–1 Advanced payment services Introduction
1. The Payment Services Law, 5779-2019, (hereinafter, “Payment Services Law”) created a
normative infrastructure that promotes the development of advanced means of payment and makes it possible to encourage their use.
2. With the expansion of the payment services offered to the public through the banking
corporations, including the broadening of the technological possibilities for carrying out transactions (for example, through payment applications), the need arose to expand the information provided to customers—payers and beneficiaries—about payment activities executed via payment applications, and that are presented to them on their interface with their payment service providers that for the purpose of this Directive are their current account managers or payment card issuers.
3. This Directive complements the provisions of the Payment Services Law, and establishes
additional requirements imposed on the banking corporations with regard to payment activities executed via payment applications. Application
4. This Directive shall apply to a banking corporation.
Definitions
5.
“”Payment application” - A means of payment, as defined in the Payment Services Law, that makes it possible to transfer and receive money online, that is not a payment card or current account. “Beneficiary”; “Payer” - As defined in the Payment Services Law, “Banking corporation” - As defined in the Banking (Service to the Customer) Law, 5741-1981. Disclosure regarding transactions executed via payment application
6. The manager of a current account and an issuer of a payment card shall present customers
with information on the details of every payment transaction (debit or credit) that was executed by the customer or on behalf of the customer through a payment application. This includes presenting, at least, the following information particulars, to the extent they were received from the payment application:
(a) Name of the payment application used to execute the payment transaction (b) Name of the payer or beneficiary, as relevant (c) Date of the credit or debit, as relevant (d) Amount of the payment transaction (e) Purpose of executing the payment transaction

Supervisor of Banks: Proper Conduct of a Banking Business [2] (12/22) Advanced payment services Page 427–2
7. The banking corporation shall present the information regarding the details of the payment
transaction to the payer and the beneficiary on a transaction details page or communication channels that the current account managers and payment card issuers offer for the benefit of their customers. The manner, timing, and frequency of the presentation shall be identical to the presentation of the rest of the information to customers on payment transactions.
8. A banking corporation managing a payment application shall transfer to the current-account
manager or credit card issuer that serve the customer within the framework of using the payment application, the information details listed in Section 6, in accordance with the following instructions:
(a) Regarding Section 6(b) – the name of the beneficiary or name of the payer shall be provided, as it is listed at the payment application. (b) Regarding Section 6(e) – the information is to be sent at least to the current-account manager, subject to the customer having inputted the required information in the payment application. (c) The information details shall be sent as part of the information that is transferred among the banking corporations on account of the payment transaction. * Updates Circular 06 no. Version Details Date 2714 1 Original directive June 13, 2022 2732 2 Update December 21, 2022