About Payment Systems
Safe, efficient and effective Payment Systems play a fundamental role in the economy and promote financial stability in the country. These systems represent the channels where the transmission of funds occur between institutions, economic activities, financial activities and banking activities. The main role of these systems are the ability to smoothly settle financial obligations arising from these activities efficiently and safely.
In this context, the PMA has opted for a strategic approach in reforming the National Payments System (NPS) of Palestine to modernize the backbone of the National Payments System and the work of payment systems in Palestine in compliance with the best international practices, standards and (Bank of International Settlements) requirements.
Objectives
- Enhance the payment systems efficiency and safety;
- Minimize payments risks;
- Enhance the interoperability and resiliency of payment infrastructures;
- To establish an efficient and effective legal and institutional framework capable of regulating new payment systems;
- Broaden the range of payment instruments and services