Palestine Monetary Authority

Instructions No. (7) of 2024

Regarding the Launch of the Instant Payment System

Based on the provisions of Law Decree No. (9) of 2010 regarding Banks, particularly the provisions of Articles (13, 72) thereof, and based on the provisions of Law Decree No. (41) of 2022 regarding National Payments, particularly the provisions of Articles (7, 18) thereof,

And in light of the powers delegated to us, and to achieve the public interest, we have issued the following Instructions:

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Article (1)

Objective and Scope of Application

1. The provisions of these Instructions aim to define the controls and parameters for the operation of the Central Instant Payment System (IBURAQ) during the launch phase.
2. The provisions of these Instructions apply to all members of the Instant Payment System.

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Article (2)

Payment and Transfer Models

The Member must commit to enabling the customer to execute transactions according to the following instant payment and transfer models:

#	Payment Model	System Code
1	Payment from natural person to natural person	P2P
2	Payment from natural person to legal entity	P2B
3	Payment from legal entity to natural person	B2P
4	Payment from legal entity to legal entity	B2B

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Article (3)

Financial Caps

The Member must commit to the financial caps for the following movements for transactions executed by the natural person:

#	Currency	Single Transaction Cap	Daily Cap for Total Transaction Value
1	Jordanian Dinar	200	1,000
2	US Dollar	300	1,000
3	Israeli Shekel	1,000	4,000
4	Euro	200	1,000

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Article (4)

Liquidity

1. The Member must coordinate with the Palestine Monetary Authority to adopt liquidity controls in its account.
2. The Member must commit to the following windows for managing liquidity in its account:

Window Number	Time
1	08:30
2	11:00
3	13:45

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Article (5)

Launch of System Services

1. The Member must, upon the launch of the system, commit to providing the instant financial transfer credit service in terms of sending and receiving via individual mechanisms, using the Account Number (IBAN) or Wallet Number.

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Article (6)

General Provisions

1. Instant transfers via branches and offices using the system are not considered a substitute for electronic channels.
2. The Member bears the responsibility of conducting internal reconciliations using the electronic register provided for this purpose and sent by the system.
3. The Member commits to executing promotional, advertising, and awareness campaigns for its clients and providing the Palestine Monetary Authority with the plans prepared for this purpose.

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Article (7)

Penalties

Anyone who violates the provisions of these Instructions shall be punished in accordance with the prevailing legislation.

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Article (8)

Repeal

Everything that conflicts with the provisions of these Instructions is repealed.

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Article (9)

Implementation and Enforcement

All competent authorities must implement the provisions of these Instructions within their respective jurisdictions, and they shall apply from the date of their issuance.

Issued in Ramallah on 2024/07/22

Dr. Firas Malham
Governor
(Signature)

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Note:
Note: A document from the Palestine Monetary Authority, numbered and authenticated with the Governor's signature. Address: Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452, Palestine P.O. Box. Email: info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251 | Postal Code: P6160675 Website: www.pma.ps