Regulatory Alerts2024-01-30
Added · Updated
PMA Circular No. 134: Cap on Payments Executed via the National E-SADAD Invoice Presentation and Settlement System
The Palestine Monetary Authority requires banks operating in Palestine to review and adjust payment caps for subscribers of the E-SADAD system based on their specific financial transaction patterns and business models. Banks must evaluate merchant requests for cap modifications, ensure their automated systems are prepared to implement these changes efficiently, and coordinate with the Palestinian Payment Services Company regarding technical requirements and available services. This directive applies to all commercial banks operating within the jurisdiction.
PALESTINE MONETARY AUTHORITY
Circular No. (134 / 2024) To all banks operating in Palestine Date: Monday, December 30, 2024
Subject: Cap on payments executed via the National E-SADAD Invoice Presentation 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 Instructions No. (9) of 2024 regarding payment caps, 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 execution of the required modifications.
- Coordinate with the Palestinian Payment Services Company regarding the technical requirements and services available to them on the system.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
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