Regulatory Alerts2018-07-02
Added
Amendment to Proper Conduct of Banking Business Directive no. 470 Regarding Payment Cards
The Bank of Israel amends Proper Conduct of Banking Business Directive no. 470 to align with the Enhancing Competition Law, adding definitions for Bank, Issuing processor, and Issuing bank. Issuing banks must transfer payment card transaction proceeds to issuing processors on dates set by the four-party acquiring model, regardless of customer debit dates or acquirer identity, with this requirement effective February 1, 2019. New operating agreements signed by January 31, 2022, must be submitted to the Supervisor of Banks, with those involving banks with a wide scope of activity requiring explicit approval or deemed approved if no opinion is issued within 45 days.
More like this from BOI
We email you every new BOI publication the day it's published.