Regulatory Alerts2024-05-30
Added · Updated
Circular No. 34: National E-SADAD Payment Cap for Invoice Display and Settlement System
The Palestine Monetary Authority requires payment service companies operating in Palestine to review and adjust payment caps for subscribers whose financial transaction patterns necessitate changes. Payment service providers must study merchant requests for cap modifications, ensure their automated systems can efficiently implement these changes, and coordinate with the Palestine Payment Services Company regarding technical requirements and available system services. This directive is issued under Article 8 of Instruction No. 02 of 2024 concerning payment caps.
PALESTINE MONETARY AUTHORITY
Circular No. (34 / 2024)
To all payment service companies operating in Palestine Date: Monday, December 30, 2024
Subject: Payment Cap for the National E-SADAD Invoice Display and Settlement System
In light of the fact that some subscribers joining the E-SADAD system require a review of the currently defined caps on the system to align with their needs and business patterns, and based on the provisions of Article No. (8) of Instruction No. (02) of 2024 concerning the payment cap, you are requested to do the following:
- Study the requests submitted by merchants dealing with subscribers regarding the modification of their specific caps to suit the nature of their financial transactions.
- Prepare your automated systems to ensure the efficient and effective implementation of the required modifications.
- Coordinate with the Palestine Payment Services Company regarding the technical requirements and services available to them on the system.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
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